Refinancing replaces the older first position mortgage with a newer one, while a HELOC leaves the original mortgage in place and adds another mortgage in second position.  

I know it has been on a tear and is probably a great area to switch a residential to commercial use but... you can run into a buzzsaw of local opposition especially in older, cooler neighborhoods where they tend to be just against change. 

But wanted to know how the seasoned veterans would handle this kind of deal. 

I'm thinking get a renter in the property after the repairs, and the seasoning period refi again against the new ARV and use that money to fund the build for next property.

We have them on the first Tuesday of each month - one coming up shortly. 12373 US 49, Suite 3Gulfport, MS 39503 We usually have a panel discussion and networking with the other investors - both new and seasoned.

Other than this, the bathrooms are all original, with concerns for mold, older and very worn tub, toilet, vanity, peeling paint (lead expected, for sure).

Are there any seasoning requirements on Fannie/Freddie Foreclosures?

The older 20's duplexes in Wilshire Vista, Picfair Village, etc, often see long term tenants - more young professionals and families are moving into the area.

If you do FHA or similar, you'll have to live there for at least a year.Most banks require at least a 6-month seasoning period before they'll refi based on a new appraisal.4% interest rate for the refi seems optimistic for an investment property.

(A seasoned seller will smell this a mile away.)You might not have a property available that fits your investment strategy, forcing you to either a) pay taxes, b) buy a less than stellar deal or c) overpay for one that does.The fund hack: Diversification and high returnsHere's where investment funds come in.