As long as you are patient and wait for a good deal, you should be ok. 

If you are focused and patient and know what you are doing then why reinvent the wheel.

I have tried to look into a HELOC; however, the great state of TX apparently has regulation preventing HELOCS on investment properties.With that being said, is it logical to cash out refi, resulting in a higher interest rate, higher leverage, and subjected closing costs, all for the sake to acquire an additional 20k in capital for the next acquisition, OR will it be wiser to remain patient and either save for the next property or find a different source of capital other than the equity in the home.

if you are patient, do your research, and do not get attached to any properties then there can be good deals When I say patient it took me 2 years to finally lock down a deal on 1 site

Why not be patient and wait for a better offer?

You said you have cash ready to go, but you need to be patient and take your time.  

Now in the fourth months, they have already 3 patients residendants and financially they are probably breaking even now.

With an ARV of 260, that brings you down towards $140 ish.Hang in there and be patient.

The listing brokers tend to (churn and burn) inventory as fast as possible because I make the full 100k where they might have to do 7 to 10 deals  for what I make on 1.As an investor myself this allows me to be patient and look at multiple sources to find the better properties to go after.Hope it helps.

My concern is that every time I drive by the house (it's on the way home from my full-time job) is that there has been 0 work done to the exterior of the house.I've been trying to stay patient about this deal as the sellers are elderly and they live out of state, so they are essentially having their realtor manage the rehab,but I'm starting to get frustrated at this point as the seller has had ample opportunities to bail on the deal but has continued to say they will get the repairs done.