Hey Jennifer, The only other way that you can tap into the equity from another property to purchase a new one, without having to refinance or obtain a HELOC is through a cross collateral loan.

We're researching keeping this property and purchasing a new house in NE.

Same thing with your HELOC, if it's a $0 payment, it's a $0 impact.Not discouraging the purchase by any means, but food for thought: "There's no free lunch" if you're getting a below market rate from the builder that's getting paid for in the purchase price.

But right now, I wonder if a total newbie in this should really be trying to get a small loan (50k) to purchase two house around 60k each?

Short story, I recently purchase an investment property. 

I purchased a duplex at a shore town in NJ.

Apartment buildings can be a great investment but you have to buy in an area that is appreciating and purchase a building that has good returns, hi-occupancy, and little overhead. 

Purchase Discount: It's crucial to buy properties at a deep discount if you plan to BRRRR and get cash back.

My first real estate investment was in Syracuse NY in 2005.I relocated to Augusta, Georgia in 2006 to learn with a multi-family investor/mentor.And then in 2009, I founded Auben Realty, which has grown from a small local shop to a regional presence with current locations in Chattanooga, TN, Columbia, SC, Greenville, Atlanta, Charlotte and Jacksonville.Recently, Auben purchased a property management company in Kansas City to begin our Midwest expansion.

The question is, how much leverage is the investor using to purchase the property and at what interest rate.