I love the HELOC versus doing a refi on the investment property.

The difference is that there's a professional salesperson (real estate agent) hosting the appraisal who in no small part justifies real estate values for a living (to clients, to appraisers, etc etc), versus a consumer on a refi just opening the door and saying "yup come on in, I'll be in the other room if you need me."

(B) "Real estate" includes leaseholds as well as any and every interest or estate in land situated in this state, whether corporeal or incorporeal, whether freehold or nonfreehold, and the improvements on the land, but does not include cemetery interment rights.

But once you buy the County looks at what price (compared to the value they assessed for the property previously), and then as you pull permits and make improvements, this tips them off to look at the value too. 

That could give insight on where/how you can improve on your next deal.

However, will probably do some improvements to it, if I decide to rent again within the next 365 days.

Most of the  value here is improvements he has made and has depreciated  over the years.

However, I would venture that you would have less competition in acquiring a multi family unit versus single family.  

It's a delicate conversation sometimes, but my subs are always appreciative when I can tell them, "all my bids were within 5%" versus "One bid was twice and much, and one was half as much."  

Can I buy a property for $100K & put in another $100k from my funds to improve it?