Buy a buy & hold with no value add with a HELOC would be a risky move unless you have the income to pay down the HELOC. 

It's total income for the year minus ALL expenses and hold backs.Of course you want to make sure you make enough in occupied months to cover vacant months.  

This is an important status for people to go for since it allows you to write off losses from rental activities on your other active income. 

You have an S-corp that is generating income.

I now have 2000 units and a team that allows me to focus on just the parts I enjoy (mostly the deal making)I don't see anything I could have ever done that would bring me as much income and wealth.   

To answer your second point in one, passive losses from your 1st property will offset income from your 2nd property if it begins generating income.

The extra income from renting your current house would certainly help out regardless of what you decide to do and if you do your homework on a second house, it'll pay for itself!

For instance, what is your note worth, what is the house worth, monthly expenses including mortgage, and gross rents, ect.  

Are you looking for immediate cash flow through rental income, or are you more interested in long-term capital appreciation?

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.