Wow, was that a loaded question,  I have done just this to help the owner pull the trigger if the owner is a little bit low on funds for the labor end of the project. 

It can get pretty complex versus long term rentals - I'd highly suggest using tools like AirDNA that has pretty sophisticated data and projections on STRS in every market before pulling the trigger

Just waiting to get the word on our move date from my husband's company before pulling the trigger on engaging with realtors and sellers. 

You dig a dry well do you know how deep you can dig into the water?

Hopefully I’m able to find something so I can pull the trigger on my first deal. 

This gives you the dry powder you need if a good deal comes along or unexpected expenses and you keep the existing low mortgage rates and do not increase your payment until you use the HELOC.Consider how you could increase the cash flow on the existing properties and if you have the means to pay off one of the houses to increase the monthly cash flow that way.

This is the quantifiable data that operators need to pull the trigger on buying the high dollar items.

The leak was pretty severe and ended up going into the garage, so we had to dry out and ventilate the garage as well. 

Also keep in mind depending on what time of refinance you do, there pay be a prepayment penalty that is triggered when you refinance again. 

I’m new to investing and have a flip with a big loss under my belt and am very fearful to pull the trigger again, but know that real estate is the way to freedom.