I've done the weighted average interest on a rate and term vs. cash out refi and often the effective interest rate for the cash out means you're paying between 7-9% for that money....the reason being you're paying the higher rate on not only the cash, but also the entire remaining mortgage balance.

In most states the line on the HUD/settlment is lines 203/503 has the balance of the mortgage, subject to the existing mortgage. 

At the end of the 24 months the balance will be 45.6k which you will refinance or sell the property at the end of 2 years.65k to 70k offer with some financingOR offer 88k with 5k down and monthly payments of 700 per month for 10 years.

If you want the former follow the Refi till you die crowd but if you want the latter you are on the right path already.We found a nice balance between pulling out our cash and paying down the debt.   

And you might want to invest overseas as well to balance your portfolio, whether it is to take advantage of the economic growth and emerging middle classes there or simply to diversify.

Also remember that HELOCs come with an adjustable rate so if you end up carrying a balance your minimum required payments can go up in the future.

I'd like a fair balance between cost and service.Thanks for the great list everyone!

But still they have a loan balance but they don’t have ownership anymore.

@Cristian OrellanaCash Flow, Landlord friendly legislation, balance of renters to owners, economic and population growth, Fortune 500 companies should narrow down the search.

Its ok to take a flyer on a property once in a while if you see high returns, think its in the path of development, or just want to balance out a portfolio with an attempt to get more cash flow, but you definitely do NOT want an entire portfolio of penny stocks.