I live in Northern VA and looked into investing in the Shenandoah area but the regulations didn’t fit the strategy 

I am familiar with the that strategy, but it’s not something we want to do at this stage in our lives.

I think building out a strategy and thinking about what you want to do moving forward is a great starting point because it doesn't seem like you have a shortage of options.From leveraging your existing HELOCs, opening a new one, or fully refinancing your property that is paid off, it feels like the biggest concern I would have for you would be 'paralysis by analysis'. 

Your strategy today is to do everything you can to reduce expenses and maximize rents until you get to break even again.

Be wary of overly creative write-off strategies, as the IRS isn't easily fooled, risking audits and hefty penalties.

After having flipped half a dozen properties and using expensive hard money, I'd looking for another, cheaper, option. 

The property is valued at $3,000,000 but is under contract for $2,500,000, providing instant equity of $500,000 upon closing.I am actively exploring ways to quickly secure the required $300,000 and am considering various strategies, including negotiating with lenders or partnering with an investor.

Financing: While putting 50% down is a solid strategy to reduce interest costs and increase cash flow, it's essential to consider the overall financing terms.

If this is something you want to know more about you can pick it up here. https://store.biggerpockets.com/products/lend-to-liveI’m always happy to connect and talk strategy if this is something that resonates with you.

We've actually pivoted our strategy for these reasons to find deals in KC that are closer to new-build quality but still have some margin for rent growth