It's the biggest and most diversified commercial real estate fund out there (by commercial real estate asset class, geography, and position in the capital stack), invests in core plus which has historically outperformed value-added (which is the typical strategy of most nonaccredited funds) and has the best withdrawal terms in the industry.

I am thinking of investing out of state and am trying to get an idea of best cities where you have the biggest opportunity to cash.

Our biggest concern is not really understanding the NOO STR regulations/permitting in the area and access to cleaners. 

Your 2 best options are what you've already mentioned – the biggest question you need to answer is what would work for you and how much of a rush you're in to snag your next investment property.If you did a HELOC, you would have to pay that money back – but if you got a property that you could BRRRR, then you'd hopefully be able to pay off the HELOC when you refinance.If you refinanced your property now to higher rates, then yes you'd take a hit with the higher mortgage, but you'd have cash on hand that you would not owe back.Personally, I refinanced a property in May 2022 that I had about $400K equity in.

I think the main difference is the first year or two having the lease versus not having the lease for a LTR will be the biggest thing that makes a difference.

Biggest hurdle is the financing. 

YES, we may be a little biased, but check out our blog here on BP comparing Detroit to other cities and Deep Dives on Metro Detroit cities & neighborhoods: https://www.biggerpockets.com/...Your biggest question shouldn't be WHERE to invest, but HOW you will invest!

The biggest challenge was getting the utilities turned on, as I needed to get the city developer involved in pulling permits and getting the property certified.

@Tim Marshall,When I hear dirt floor and working on cars, my biggest concern is the environmental issues you might run into in the future.

The biggest expense is the 10% to 20% downpayment.