I'm from Virginia and have lived here most of my adult life. 

At this point in time you are adrift at sea without a life preserver.

I’m only about to start the investing in rentals journey, but I’ve spent my whole life with champagne taste and a beer pocket book.

For me it is personal freedom and creating a stable/joyful home life for families. 

Shoot me over your e-mail and I can send you a rehab calculator that will make your life easier

With the $150k heloc vs cash out refi, the heloc would save you quite bit of money over the life of the term and increase our monthly payments around $600If we go for the $200k option,  the cashout refi saves quite a bit over the life of the term and increases our monthly payments by around $900Does this make sense to others who have looked into the numbers?

Beyond title company fees, you may not have as many impounded for property taxes (which can really hit your cash reserves) allowing more cash for rehab or life.

They will depreciate the property based on age, wear and tear, useful life left, etc.

If life has taught me one thing, if I'm not making mistakes then I'm not trying hard enough. 

I have gotten estimates for $7500 to repair/replace the cedar siding but not sure what the life of the new siding would be and when I would have to replace the wood siding again.