What happens when liquidity dries up?

There are no other tri-plexes in the area that have sold within the last year to compare to.The increase feels excessive, but I have no experience in protesting assessments.

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

I would then have the HELOC money plus excess equity (leftover from refi) available to use again to purchase another property, correct?

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. 

4 dogs is excessive and will cause a lot of wear and tear on the building, you'll need that $800. 

People think they are saving money, but they are consuming time that has value well in excess of the money they save. 

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.