The magic of real estate is buying a property and creating $50-100k in equity through $25k of strategic renovation while you are 4x-5x leveraged (for example...I'm obviously just making up numbers). 

I was also hoping to use those funds to “renovate/flip” my next primary.  

I'm may keep it for a rental but I still need to totally renovate it for 2-3 months, so it will be vacant.

As far as I understand the most common use case for HELOC is revolving line of credit for large purchases or renovation projects.

Great area and property needed significant renovation upon acquisition.

It was heartbreaking when we’d send them leases showing rent was $550 from their POS rental after they were under the impression and “getting” $850 month from the “freshly renovated” rental from ocean pointe.

Focus on value-add properties where improvements like renovations or better management can increase returns.

The way I see it is 25% down out of state means $100k in down payment/closing cost to obtain turnkey property that gains equity similar to an IRA or 5% down managing a renovation in the property your living in which in turn pays yourself from the equity gains which allows you to get to multiple house hacks very fast. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $163,000

Cash invested: $90,000

Primary Residence... Currently living in this till the summer of 2025.

Purchase price: $535,000 Cash invested: $80,000 Property located in Silver Spring, area with strong demand for renovated homes.