So if you are anticipating higher rents and therefore higher income next year you may want to wait till then if you are trying to maximize the amount of the cash out refi.

The algorithm has a setting that when you change anything on your listing, you move up higher in the ranking. 

The profit was used to buy a higher quality SFH in the same area.

With a 7% interest rate and high HOA fees, the key is evaluating if your skills and investments can generate higher returns elsewhere.

The only thing I'd mention is cash flow with a paid off property is a lot higher than with a mortgage, so it is 6 of one, half dozen of another. 

Investment also spiked in Class A Short-Term Rentals (STR) and investors started paying higher and higher prices based upon anticipated STR rental rates, that exceeded sustainability based upon Long-Term Rental rates (LTR).

Keep in mind a HELOC rate will be much higher because of the CLTV and risk.

Quote from @Jessie Dillon: just my 2 cents.. i'm not a fan of the syndication model. there are better ways to invest more passively where you have more of a say in what goes on, can achieve higher returns, and can have your personal interests at a higher priority. 

All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.My current financing setup for this deal would be $235,000 from the HELOC I already have secured.

Spend what’s needed to upgrade with reliable mechanical systems, roof that doesn’t leak, remediate all mold; interior design modernized; in other words a place that will attract a higher income no hassle tenant.