How often does your rate increase/adjust? 

The appreciation has been nice, but need to increase the monthly cashflow of the properties.  

I might be able to follow a similar path to increase value.

Last year for our FL properties VRBO produced 55% of our bookings, Airbnb produced 15% (increasing each year) and the rest was produced by Homeaway (9%), TripAdvisor (7%) and repeat guests (14%).Last year for our CO property VRBO produced 64% of our bookings, Airbnb produced 2% and the rest was produced by Homeaway (11%) and repeat guests (23%).I find the differences between the two locations interesting. 

However i am curious if we decided to replace both concrete pads, if it would significantly increase our appraisal value for the HELOC we are looking to get?

I have my doubts that $30k worth of work will add $120k in value, it will likely either cost much more to do the rehab or the value increase would be much less. 

I attended the FHA home owners education class and received the certificate of completion, so I am working with the lender on the 3.5% down and down payment assistance, so I have less money out of pocket and can focus more of my funds on renovation and increasing equity.The properties I am looking at either have basements that are finished, or basements that I can finish myself to rent out separately either on a month to month basis, or as an AirBnB, or they have detached garages that are big enough to convert to a studio, or AirBnB. 

@Jermaine Riggs   Remember the 6PsPrior Planning Prevents P*ssPoor Performance There are steps that you can be taking today that will better ensure you will be able to qualify for the best of terms on your purchase in TX.1. have a Mortgage Broker run a Tri-Merged MORTGAGE credit report and pay the extra $15 for them to also run the "What If" score increase simulator to know how best to pay down debt in the interim2. start eating MREs and saving like a maniac until you close as the more money you can show in reserves Post-Closing, the better the programs you can qualify for.etc,etc,etc,   

I see opportunity for a healthy NOI increase within the same time frame.

it is a mortgage, but in reverse.. the interest is added to the loan each month.. so instead of his mortgage balance going down, it increases every year.. it will all depend on what the original number the back put on the house at the time of the loan, and how long he's been in this program.