Value of the properties is 40k each (160k total) looking to pull out 110k.

. $30-$60 eachOne of the stoops is pulling away from the houseGutters, about 195 linear feet - $1000Its not a 2/1 on each side.

Every time I do an analysis I feel like I'm wrong so I don't pull the trigger.

If you are holding on to any of the prior properties, pulling equity out of those might be another way to come up with the cash. 

The goal would be to pull enough equity from property 2, 3, 4, ... to both payoff property 1’s Heloc and fund the down payment for subsequent investments.

Would/coukd the HELOC be “revised” or “revoked” if I’ve not used/pulled any funds out?

I've been reading and listening to the media from bigger pockets for the past 5 years, and at the end of 2017, I pulled the trigger to buy my first rental property. 

However, with this strategy, you require your credit to be pulled multiple times to refinance the loan (and for me, I finance my first purchase as well). 

I’m thinking of selling to pull some money out, but know I need to do a 1031 exchange to avoid paying capital gains on just about the entire sale price.

Since i bought it last year, the market has gone up about 13% which put my property below 80% LTV. i just pulled a HELOC out of it in hopes of using it to pay off my debt to increase my FICO.