@Mark K.Given that you’re retired and 50 you probably don’t want debt for the next 30 plus years.

You could get it for as little 3.5% down with FHA financing, and with a fourplex you could probably cover all the expenses of the home and live there for free.That way, instead of paying $1,000 to $2,000 per month in rent or even towards a mortgage, your mortgage is paid for you (by the other tenants) and you can save that money to pay down debt, invest in the next property, make improvements to the home and increase the value and rent, etc.That could get you in the real estate investing game AND cover your living expenses, despite California's higher prices.

I'm not sure if a bank would count the money on my HELOC as "debt" and say that my debt to income ratio was too high to qualify for a refi since I wouldn't be able to show much rental income on the property yet. 

Paying down debt on the ones you keep...

Get rid of bad debt, before good debt!

Yes, may hard money and private lenders will not look at your debt to income ration particularly for short term loans like bridge financing and flips.

First thing that caught my attention was the combined 16% for CapEx and Repairs even after you put 67k worth of repairs.

Still as others suggested, being in debt to family should be avoided once you get going.

My portfolio has a value of around 5.75Mil and I have 2.7 Mil in debt, including my primary, at an average rate of 3.86%.In addition to this I have an S-Corp consulting business.

It took them 16months and 1.6M of debt to finish rehab and put it to market.