If more deals is the goal, pull that out to get deal 3,4,5,6... as so on.I believe playing the long game is where it's at.

If you are dead set on a HELOC you will likely need the following for an investment property: An excellent credit score (720 or higher), A maximum 80% loan-to-value ratio, Healthy cash reserves on hand, Sufficient income from tenants, Additional features that make the property attractive, like whether it has long-term tenants (Source https://www.rocketmortgage.com...)

If appreciation is the bigger play here, it sounds like 3 might be your best option.

Hi folks a fellow BP member, @Parker Brown and I have actually already put this in play.

It's going to be another unexpected market conditions which many don't want to play.

If you are looking for a straight rental property, the markets in Bell County like Killeen, Temple, and Belton are great plays currently.

Do not play with important coverages to help with cash flow.

@Annie Ruffino To play devils advocate I’ve kept four tenants in two buildings I’ve purchased and it’s working out fine.

There is also appreciation and mortgage pay-down  that comes into play, but for me it starts with monthly income.  

This cap rate is determined by sales comps.The play for new development is to take on projects where projected NOI/build cost is higher than market cap rates.