A HELOC is like a checking account in that you have access to that money but you don't pay interest on that money until you actually use it.  

I would focus on an equity loan or cash-out refinance to get access to new capital.

For my first real estate investment I have access to the funds that would allow me to put 20% down on 2 or 3 $200,000ish Condos.The Condo’s are in good condition and would not need any rehab.Is it smart, stupid, wise, unwise if I purchased the Condos with a 20% down, and rented them out at a proper rental rate (which would be a few hundred dollars higher than the mortgage)???

But today, you have a considerable amount of equity built in paydown and appreciation to access, and you can use that equity to improve the current house and purchase more.Many people find suitable alternatives to manage a handful of properties from a distance, so even if you move eight hours away, you can do most of the managing yourself by building relationships with contractors and real estate agents, paying a small fee for them to help as need requires.Only sell if you know the choice is mathematically correct, rationally made, and leads to more property acquisition now.

Can you PM me the address and access info, I'd love to take a look at it.

Smaller properties they may not have this easily accessible so you might need to do more estimating on income/expenses.

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

Rates used to be a lot better, but at least you're earning something and have immediate access.

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

If you get someone who will talk to you then you take the next steps - asking a title company to pull an O&E to check for liens, determine the market value (you can pay a broker to do a "broker price opinion" (BPO) if you don't have access to the tools or information.