@Curtis Curley It depends on your goals, when you need the money, how much work you want to do, etc.I would much rather put $12k in the market as opposed to rentals, because it literally is no work on my part besides a few clicks. 

Have you considered a cash out refinance as opposed to a HELOC? 

The only pictures available were  of the exterior.

I have some other exterior features plus an interior dehumidifier all of which keep the basement dry. 

It would need exterior paint in the next year or so IMO.

I have also put in French drains around the exterior.

Photos, especially of the exterior make it hard to tell what i am looking at.

The numbers:Purchase Price: $118.5k Hard Money Rehab: 30kARV: 218kDown payment: 10% of purchase and 10% of rehabTotal Invested funds w/ closing: 24kHolding costs: 1700Hard Money payoff: 134kREFI Option:75% cash out refi of 220k= 165k loan, 30 yr fixed @ 6% and 2ptsPITI: $1500Gross Rental Income: $2600Monthly Cash flow after expenses: 750If I decide to sell I will need to spend 5800 to paint the exterior but based on comps I could confidently sell for 220-230k.

I think it helps to think of both insurance and LLC's as components of a complete asset protection structure, as opposed to exclusive alternatives where getting once cancels the need for the other.

(Only lock should be the deadbolt)Remove exterior water spigots (If you are paying for the water)Pull chains & anything hanging from the wall needs to goRemove carpet whenever possibleVinyl flooring is great.