So your going to need to look at your budget and reserves. 

Voiding your title insurance: Check with an attorney/your title company to confirm there will be no issues.

Read below our standard advice when evaluating PMC's:In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

My mind frame now has evolved from two years ago, and I now see the extra income as enabling greater security reserves, providing the ability to hire repair folks instead of DIY which saves personal time, and to improve the property more beyond the minimal.

Do you have reserves? 

In our experience, the #1 mistake landlords make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.

I'd also like extra cash as reserves to purchase an investment property in the near future.Question: Since I already have a great rate on my loan now, would it make more sense to apply for a HELOC and access the money as needed?

The part that you're missing is to build/rebuild your reserves and improve your credit.

@Spencer Gartz I would let her know that the bait stations are safe for cats, which you confirmed with the manufacturer.

I put down enough to keep myself comfortable with the mortgage payment while having cash reserves for the rehab.