Rents will rise, ideally you keep fixed costs in check, and cash flow increases...

Perhaps I should look into renegotiating my HELOC to take advantage in the rise of my home value?

If you have to amortize the whole loan into only 18 payments that payment will rise by $139+.As far as the overall capital stack, not sure this really works for you.  

The housing in the are of this home has begun to rise and we have decided to sell.

So just living the dream I guess.. those that bought rentals here a few years back are loving life as well.. rents went stupid rising up 50% in many cases.. what was 1000 3 years ago is now 1500... but that still on SFR's brings most in at the .08% rule.. but for multi there is some pretty nice gains and returns happening in an uber Strong and safe market  Risk wise.

That is a reason I've been hesitant, as well, because I don't know where it might go again in Vegas and I'd hate to buy now when the market might crash again, but if I wait long, then interest rates might rise and then I'm out of luck even more!

Rents definitely seem to be rising as we speak!

Ultimately, my goal is to refi into a 30 yr conventional mortgage to forego the PMI payment and be able to lock into that interest rate now before rates begin to rise into the near future.  

Rents are rising quickly as well!

Agree its not 2012 where rising tide is lifting all boats.