Here are some pros and cons of each approach to help you decide:Paying Cash for One Home and Refinancing LaterPros:No Mortgage Payments: You won't have monthly mortgage payments initially, which can reduce financial stress.Equity: You own the home outright, giving you full equity which can be used for refinancing.Lower Costs: No interest payments and possibly lower closing costs compared to having a mortgage.Better Negotiation Power: Cash buyers often have more negotiating power and can close deals faster.Cons:Opportunity Cost: Your cash is tied up in one property, potentially limiting your ability to invest in other opportunities.Refinancing Risks: Future interest rates may be higher, making refinancing more expensive.Market Fluctuations: Property values might decrease, affecting the amount you can refinance.Buying Four Homes with 20% Down on EachPros:Diversification: Owning multiple properties diversifies your investment, reducing risk.Rental Income: Potential rental income from multiple properties can generate cash flow.Appreciation: You benefit from the appreciation of multiple properties.Leverage: Using mortgages allows you to leverage your investments, potentially increasing your return on investment.Cons:Higher Debt: You'll have multiple mortgage payments, increasing your debt and financial obligations.Management: Managing multiple properties can be more complex and time-consuming.Market Risks: Market downturns can affect all properties, amplifying risks.Cash Flow: If rental income is not enough to cover mortgage payments, you could face cash flow issues.Considerations:Financial Stability: Assess your current financial stability and ability to handle mortgage payments and potential vacancies.Market Conditions: Consider current and projected real estate market conditions and interest rates.Investment Goals: Align your decision with your long-term investment goals and risk tolerance.Professional Advice: Consult with a financial advisor or real estate professional to get personalized advice based on your specific situation.If you prioritize lower risk and less debt, paying cash for one home might be the better option.

Since you are essentially buying the property 100% financing between your HELOC and financing, make sure you can afford it as if the property goes south, or you have to short sale it, make sure you are in a financial position to be able to still afford those payments on the LOC. 99% sure you will not find a cash flowing property using traditional financing and the HELOC.

Quote from @Zeke Palmer: Does anyone have any guidance or tips for purchasing properties thru Ohio Sheriff Sales?  

I can track down a few property managers pretty quick and know some 40+ units for sale if you are looking that big (use reddfin). 

I was unable to find tenants because covid hit and I closed 2 days before everything went into lockdown. 

Getting pre-qualified up front is so key especially for international clients so they have a clear picture of their purchasing power and there are no hiccups when it comes to closing.

So if someone bought it at the tax sale and then didn't want it and didn't pay the tax on it, that is a big red flag that they may have found something wrong with the property and decided to let it go.I would do some research on what you bought.

ROI do not take into account time value of money (selling the asset at year 8 instead of year 2 at the same price, your ROI is relatively similar, but your IRR is far from being the same).4- LEarn to analyze your portfolio: aggregate altogether all your assets and analyze if there's any project cash flow that would be required (balance of sale, loans, etc).

If I don't get enoug responses, I will cancel the sale.

So in the words of Ned Carey and my favorite post response of all time; "It depends".So first let's start with it will probably take you 4-6 months to research, find, get qualified, get an accepted offer and close on a property.