Amount they lend will be based on appraisal (70-80%, assuming cash flow supports).

We do this analysis all the time... we find a nice "Estimator" for the costseg, and whack it against your 2024 tax plan to see how it all shakes out.

if you will be living in part of it, then it is unlikely to cash flow; however, your living expenses should be lower as they are being subsidized by the tenant(s).

I want to open up the HELOC to have as our emergency fund so I can deploy some of the cash we have saved up right now.

Hi Mike,I would go with a good old fashioned Texas cash-out refinance.

I would check into a few things to see what your best approach is.1) Find a great investor-friendly real estate agent (specifically one that knows STRs) to help navigate an area you may be looking in.

looking back I got a decent deal but it took too long to close and I need to find a team for the long term to accumulate fourplexes or build them.I'm wondering if people involved are just washing their hands if my deal rather than grow from it.Emails from before closing were insane looking back on it. 

Good luck & definitely let me know what you find out. 

I would make sure you have a good team ready to go and be ready to pounce whenever the opportunity presents itself.From the lenders perspective, it can be kind of tricky because there are plenty of properties that cash flow well, but even fully-rehabbed they are less than 100k, which make them difficult to lend on.

I find as much info as I can on internet searches.