Cash out refinance, pay off the HELOC and then repeat like the BRRR strategy. 

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

Over time capex exceeds cash flow.

These properties were not distressed quite the opposite.. but they had 100k to 3 to 5 million of standing Timber on them that if we could purchase our Timber deed we could turn those trees to cash within 90 days..PS I had created a hand made custom data base of properties  10 acres or more not corporately owned that Aerial Photogramy show Standing Timber of an Age we deemed Merchantable. 

Figure out what your exit strategy is first, and then make sure it fits for your partner to cash out and move on. 

Purchase price: $390,000 Cash invested: $40,000 A rare off market twin in Bala Cynwyd!

This is a situation where the cash buyer with no contingencies is going to have way more power. 

I paid him cash.

Oh, and you better be cash, or it will be very difficult to get any deals. 

But I do know what it looks like when someone is about to be separated from a lot of hard earned money of theirs... and YOU potentially look like THAT person.