For example, can I pull out a HELOC on them, refinance them, and use the funds from the HELOCS as a down payment for property #3?

Here are a possible option: Use the BRRRR strategy, buy value add Multi-Family, Rehab them, Refinance out, and Repeat.

My strategy was to refinance cash out on my current property and put a down payment into a conventional loan for the duplex.

One of the best ways to get started is by using a 203K or rehab loan... this will allow you to get in the property with 3.5% down and you can even finance the rehab.Interest rates are a bit higher than traditional FHA loans but the 3rd "R" stands for REFINANCE so you'll only be holding that loan for a short time.I'd speak to a local lender, broker, and investor for more info.Aside from attending local meet-ups, don't hesitate to reach out to people personally via private message or on forum posts...

@Tony C. remember the advice: "Don't bet long term with short term money." 

Your better bet is with the income from the business and adding back any depreciation expense you are claiming. 

@Edwin GiraldoYour plan makes sense.I'm assuming you're looking to buy and hold and not for a single family primary residence...You should also consider that buying with cash will then give you options later to refinance to pull 60-75% out once the property is stabilized and generating income.

Hello - I'm looking for some advice on a bank/company to work with on a cash out refinance in Louisiana.

I’m currently in the process of a Cash Out Refinance with a local bank to gain access to the equity with the intent buy more rental properties.

For my acquisition: I am planning to counter w/ - No money down- take over the note -pay the seller $2000 a month with the intent to refinance in 6 months ($12,000)      - I will handle the rehab costs for the vacant unit (which is about $20,000) and lease all vacant units - Once the refinance has been executed I would pay the rest of the balance of $295,000 the seller wants. ($283,000)If I were to put it under contract I would offer the following: - buyer will pay off the balance of the note ($295,000)- Seller will receive $275,000 in cash because buyer will cover the rehab cost to receive the Gross Potential Monthly Income- Seller will split the closing cost 50/50 with the buyerI would love to hear some input from the BP community.