Can we renovate it and then take out a mortgage to pull the money back out?

It does not need any immediate repairs so it will appraise as is for more than I mortgaged it for- the prices in the area are rising daily.I had planned to wait 6 months and do a refinance, I am the sole member of the LLC I used to purchase.

@Londell Reedman Does he have a mortgage?

I want to know what are the guideline and if the plan is possible.I can easily get a room in the area i work for about $500 a month pay the mortgage in Atlanta comfortablyCan i still qualify for FHA in Atlanta while i work in Cali?

Hello,I currently own a single family home purchased in 2007 for $215K, 30 yr mortgage, monthly payment of $768.

This would give us a better mortgage rate but incur a transfer tax (Philly 4.02%).

How often does the HELOC accrue interest? Is this beneficial because the rate is so much lower?

It will "mature" into a 20 year fixed rate mortgage that you can no longer draw on.

So far so good.The only way I see this working is to pay off the mortgage, take a new loan with house 'A' as collateral and buy house 'B'.

We own the property outright but have a large mortgage on our own house (we combined both mortgages a few years back when interest rates were low but it will take us another 20 years to pay it off).