Looking forward to eating from you all with advices and recommendations.BestPietro

The other route, as you mentioned, someone has already done that work, or the value of the property won't be raised enough to refinance out the equity so you have to put the money in and leave it there, which eats into your capital. 

It's only a stepping stone to break free.While you are slaving, eat ramen, roommate up or live in trailer, avoid Starbucks and tuck every dollar you can squeeze out into a bank account. need 20% down and money for materials. so for 80K home (trashed), you will want 35K banked to get started, just a rough idea.Then, get pre-approved.

It sounds like your partner got you to a table that you would NEVER have been able to eat from by yourself.

A very small difference in the interest rate, especially amortized over 30 years, in the end can make a huge $$ difference and either eat up all the gains at buying low or end up even losing.I'm in the position to buy my 2nd property soon, and in my area prices are higher than ever but rates are lower than ever.

Unless you are getting a solid fixed rate for 1-2 years with the HELOC, that interest will eat away any cashflow on the new property.

If you have to keep it but refinancing will eat up most of your cash flow then you need to ask yourself if refinancing and reducing the cash flow on this property will allow you to make more money than what you are currently making with it.

The fees are eating up what I am earning.

So if you can eat the late fees that would be a kindness....just don’t let them get behind on rent.

I know if realtors dont sell they dont eat, But I really need an agent in Houston,Tx whos done this before and can add value to the process.anyone specialize in this?