Flipping follows demand, and it will dry up, even for the pros.I’ve been around long enough to watch the flipping cycle come and go.

What happens when liquidity dries up?

@Matthew Olszak..... that's why you call the previous 2 landlords..... the previous one to the current has zero skin in the game.And if the current one is in the middle of an eviction with that tenant, I doubt they are going to sugar coat it.Not a perfect system to screen, and that's why you have multiple aspects to check when you screen....you don't rely on only 1 or 2 items

I’d stick with that until that well runs dry!

Trust me when I tell you that your $1 million can dry up faster than you think if you're not wise with how you use it. 

You will need some skin in the game since HML will lend up to 80%-90% (probably 80% if it's your first project) of purchase and 100% of rehab.

I personally spent about 20 hours crawling through the attic on hands and knees with trash bags and a shop vac, removing critter pee-soaked insulation, rodent poop, snake skins and a dead squirrel.

Still, it shouldn't take much more than 4 weeks to get dried in.

If you're very cash flow positive and a HELOC won't turn your cash cow dry, then tapping the equity to invest elsewhere for positive cash flow wouldn't be a bad thing.If you are just breaking even or only slightly cash flow positive, a HELOC, when tapped, will put you in the red. 

Eventually that well dried up and back to general construction I went.