Our goal is to build a business that improves our community and helps individuals and families establish homes that they love and trust.

@Ratna Eluri While saving money, you'll want to also make sure you're building a relationship with a loan officer who understands your goals. 

Get your profits, then get a better criteria set for buy and hold deals, then start trying to acquire one, if that is the goal.

BTW, long term goals are buy and hold single family or duplex homes within driving distance.  

In short, goals:1) pay off $25k credit cards balance2) get some reserves around $10-15k(for materials) to finish renovation primary3) if anything left, maybe get some cash for down payment for another rental property So I am trying to choose between Cash Out refi vs HELOCI found two local banks that offer HELOCS on investment property. 70%LTV prime+2%(2.25%), got to pay $500-1500 closing fees.Same banks offer cash out refi for rental properties: 75%LTV, 5.5-6% 30 year fixed, 3000-4500 closing feesSeems like, if I go refi I can pull out around $83k ($105k(new loan) - $18k(current mortgage) - $4k(closing fee)=$83k $83k - $25k(credit cards) - $15k(to finish rehab) = $43k (for next investment).I am still researching and shopping around for other options, but refi seems to be a better option for right now. 

The goal is to raise capital from 2-3 parties to invest in a single property and distribute profits over 3-7 years.

As someone wobbling before their 1st investing baby steps this question isn't a top priority, but following 'begin with the end in mind' (and because I like to follow odd tangents)...Everyone has their personal plan, a unique goal.

My short-term real estate goal is to purchase a home in the Providence area to rent out to other college students. 

Let's connect and explore opportunities to partner since we have common goals - rental portfolio.

My properties are here in Florida (I’m in Fort Lauderdale as well) and a waiver of deficiency is what the overall goal is.