I’m hoping to learn other ways to not use all my cash- to scale to the next level.

You posted the raw data, just go one layer deeper to get to % returns to confirm your purchase price in relation to your expected return/profit/cashflow:$5,500 + $3,000 = $8,500/mo or $102k/yr GOI (gross annual rent collected)Knock off 25% for expenses and you are at $71k/yr or $5.9k/mo NOI on this $1.05M investment or holding this at a 6.8% cap rateWith your 7%, 75% LTV loan, you'd be paying $5k/mo for the loan, leaving you with $900/mo or $10.8k/yr in Cashflow.Now to determine your CoC return (Cash-on-Cash), take the $10.8k in CF and divide it by your equity-in, likely ~$300k, so 3.6% return on your cash/equity in this deal.

Are you cash flowing?

Can I take out a HELOC/somehow leverage to pull cash out for a down payment on another property?

I have a rental property that I paid cash for about 8 months ago.

Purchase price: $252,000 Cash invested: $25,000 Brick house, 4 bedroom, 2.5 Bath How did you find this deal and how did you negotiate it?

We sold for $1,218,000 cash (15 offers, 5 days on the market, and got a cash buyer that was going to live there and make it their own home for their family).

It almost look like you a little or negative cash flow and look at tax benefit to justify keeping it. 

If the HOA told you upfront they don't allow short term rentals, and you're going to buy and use it for that anyways.....just remember when they fine you $5k, $10k, $20k that you will have no one else to blame but yourself.

Option 1:30 Year FixedLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.225Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $2,018.76Broker Fee % 1.25Cash From Borrower $78,081.01Option 2:5/6 ARMLoan Amount $202,500.00LTV 75%Discount Points %0.00Prepayment Penalty (3/2/1)Interest Rate % 8.025Origination Fee % 0.00Underwriting Fee $1,645.00Monthly Mortgage Payments $1,990.40Broker Fee % 1.25Cash From Borrower $78,052.65I'm not sure what credit score is being used to qualify BUT this looks to be inline with the current market rates for a 75% LTV cash out on an invest property.