On top of this, you need to be able to determine if a property is a good deal, and you then need to pull the trigger immediately or someone else will grab it.

I have been lurking on these forums for a bit, gaining knowledge and finally decided to pull the trigger. 

Once you pull the trigger on a primary residence, you're contractually obligated to live in the property for however long you're obligated to live in it, whether it was a plan a or b. 

If we decide  to pull money from our equity for a future investment will our loan mod from 5 years ago disqualify us?

@Wayne GriffinDid you ever pull the trigger on this?

Well with that I knew I could pull 85000 out of my building.

My goal is to buy and hold and pull equity out of it at a later date.

Our house in California has a loan on it for $220k but is worth about $600k and since we are still owner occupying it we are thinking of pulling out a HELOC on it so that we can use the money to purchase a couple for rental properties once we get back to Indiana or just have it available for any major future problems.

@Rich Somers - I agree with @Patrick Liska.Additionally, since you're going to be there for the inspection, you have the opportunity to pull in an electrician (or HVAC) IF the inspector finds major issues.

The home also appraised for 125k after the renovations so I was able to pull out almost all of my money to buy another rental.