you could use that 50k and put down 5% with the new Fannie & Mae option, get a multifamily property (4plex), live in one unit, and rent the others.

Quote from @Mae Tariman: Hello peeps, my renter has not paid September rent yet(due Sept 25), October rent is due in 2 days, I sent them first notice regarding Sept rent being 28 days late.

Most HELOC's use Fannie Mae / Freddie Mac underwriting guidelines, but not all.

Brings NOI to: $322,920 (CAP: 6.45%)Assumable Fannie Mae loan at 4.25% IO with a balance of $3,500,000 ($157,500 annual payments).

@Molly OgunnowoHi Molly, Seller financing can be a good option to get a short term interest rate. 

We can finance up to 10 with both Fannie Mae and Freddie Mac now, so the first 9 can be investment, and the 10th one well go primary.  

FHA 203 (k), Fannie Mae Homestyle loans?

There are fantastic financing options if you choose to go 2-4 unit such as Fannie Mae's 5% down.

Could someone give me a little more color on the new Fannie Mae guidelines for initiating a cash out refinance? 

Underwriters can't make their own guidelines on the spot either, there are THOUSANDS of guidelines for each program and product type.Also each company adapts the Fannie/Freddie guidelines in their own internal systems, so it's not a word for word match to the Fannie Mae selling guide.