Some banks right now also don't like doing cash-out, especially at 70% LTV.  

Many people that were newbs a few years back are now pulling down some serious cash in Austin.

We do have access to a HELOC on the property which we leveraged to purchase our current primary residence (balance borrowed has been fully repaid at this point) but we would rather not pull that lever to roll into a new property given current interest rates and the adjustable nature of the HELOC. 

I have done two BRRRs and am still a huge fan of the value adds (working on a 3rd deal flipping it right now) but would say since covid 95%+ of value add deals do not work for any equity creation even the bs wholesalers send out.

I've been in lending for over 5 years now, but this is the first time I now have to file an MCR through the NMLS. 

Now I have some capital to get serious about investing.

I'm in California now myself but I lived in Mississippi for 20 years and bought all my properties during the recession and nearly all were in walking distance from my own house. 

The rate might not be ideal, but securing the property now is crucial—you can always refinance later for better terms.

I will contact him now.

It operates as one now and will continue to be approved.