He didn't have enough to move in as I required first, last and security...but because he's a retired marine, and because he gave off this impression of - to quote Jerry Maquire "my word is stronger than oak" I signed a lease with him without requiring the deposit and last month's rent. 

I don't want the property tied up unnecessarily as I am looking to move quickly.  

Unless I am missing something however, going that route will only pay down my current heloc while still leaving all the equity tied up in the 2nd house. 

My available cash is tied up for another two months or so.  

I bought Jerome Kersey's mansion on the Williamette river in Oregon... he had gotten tied in with a financial consultant that lost him a lot of money..

This would give me an advantage because I could break the 70% rule (this deal comes in at 82%), allowing me to buy properties that other investors wouldn't touch because they need to account for financing costs.My initial thought was that this is a bad idea because it ties up a lot of cash and would limit my exit strategies to just one: fix and flip, but I think that's not true, because I could always finance 80% of the appraised value and turn it into a cash flowing property by renting or lease option.

I don't know if I would be so quick to drop the price (even though that might get a quicker sale), if you can change the interior to make it more appealing and pleasant smelling.Another tactic - if a buyer shows stronger interest, but doesn't make an offer, make the buyer an offer.  

However, if you are looking to blend cash flow and appreciation, then the Dundalk area (and especially the Elton area) may not be the best place to tied up your capital.  

I’m James Goodlett.Brand new to the REI game.Only real experience is the purchase of my home that has since been converted to a rental property.I’m trying my hand at investing as a potential follow on career path.Once upon a time I grew up in KS, but when stateside I’ve lived primarily in TN and AL for the last twenty years.My goals in REI are to simply offset my pending retirement check without being tied to anyone’s whim but mine.I fully understand that work is involved in being successful in this endeavor.BiggerPockets was a recommended source for information and networking. 

We have cash, lucky us, great credit scores, but don't want to tie it up so may need look for investors.