I don’t think I can get approved for the full loan amount on my own, and most lenders only factor in 75% of market rates toward buying power for loan approval.

@Jaysen Medhurst, numbers will look like this:$40K HELOC (assuming the current 3.75% doesn't wildly in 15 years)5 years @ $134/mo (draw)10 years @ $405/mo (repayment)$40K Cash-out Refi (does not factor in the closing costs, currently looking at my current mortgage bank and personal credit union bank)$331/month more than my current mortgage paymentI will be walking through the properties tomorrow to get an idea of maintenance/repair costs and other details, after that I will analyze the deal closer to see what kind of income I can divert to repaying the HELOC back sooner.  

As @Ryan Daigle points out, there are the complicating factors of depreciation and depreciation recapture, of course.

Another factor that may come into play is your accreditation status.

However, we are running into extreme escrow issues with lots of lenders unable to close the deal on time, due to various factors, like appraisal delay, or buyer getting furloughed and back out of contracts, other issues that will extend the closing date.

It's hard to stand out.There are some owner-occupied segments with people who share motivating factors for selling their home.Seniors with Long-time Ownership: often ready to downsize or transition to assistance.Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.Good luck with your campaign.

Even factoring in realtor fees, your taking a $15k+ haircut, at a $240k FMV.

Appreciation is NOT a quantifiable goal so I don't factor that into my decision to buy property.

In neighborhoods with HOA or strict neighbors, parking may also be an issue so factor that in. 

Because I'm factoring in the cost of interest paid to banks and I want to limit liability (debt) as much as possible.