My first book was Rich Dad, Poor Dad.

He's in his 80s. b) He is considering trying to convert it into a rental but as I mentioned, the house has a *ton* of deferred maintenance (inside and out), meaning that it is extremely unlikely he could actually rent it to a 3rd party (which is what he thinks he could do). c) Also, he's "house-rich" but "cash-poor". 

@Sean Mcintire What your are referring to is hypothecation and is unavailable via traditional avenues; banks, credit unions, etc.  

I intend to refinance with a traditional bank and pull 80% to apply back to the HELOC.  

Personally I lived in Seattle now Hawaii and I saw the light... need cashflow to eat (although i do admit that appreciation will make you rich)It could appreciate but I consider that gambling.

My current houses are traditional 30 year mortgages, but I'm considering my first BRRRR project next.

I don’t see you getting any traditional mortgage here as you will need 25% down (or equity) to accomplish that.

You can also refi out of the original VA loan (IIRC "streamline" out) and go with a traditional mortgage and get the full amount of your VA loan

We've looked into both syndication, and more traditional straightforward partnerships.

Yea, the taxes in SF and BP are a bit rich, but there is consistent flow of tenants and aggressive rents.