I called the two banks I have relationships with and they both told me that they take debt to income into consideration when doing the refinance.

@Carlos Joel GarciaUnfortunately, some of the national hard money lenders can take 3 weeks to close on that first deal. 

I have a house in Texas I’m currently leasing to a tenant which is pretty much most of my debt including 10k in credit card debt and my wife’s vehicle.

The National flood program for my house was $2900/year. 

I recently tore up a bit of a tile job done by a national outfit and I couldn't believe how badly done it was.

I am very interested in real estate investing, and am here to learn as much as I can while expanding my portfolio.My goal is to buy and hold single family homes in parts on nation with a better return.

I've been debt free since my late 20's, have some money invested in IRAs, mutual funds, and stocks, but only passively considered real estate as something that would only come about after purchasing a house to live in.

I have roughly about $15k of credit card debt.

I've read in many places in the BP forums and elsewhere that I should now aggressively attack the debt I carry with prepayments (debt snowball is commonly recommended).The idea of owning my properties free and clear appeals to me (I don't like making mortgage payments, especially the interest portion thereof). 

For our primary mortgage, we are 2 years into a $600K 30 year 3.75% fixed conventional loan.Here are some pros and cons I can think of for each option:Invest as CashPros:Very liquidLess riskyNo interest on cash amount for next investmentKeep higher primary home interest expenses for tax write offCons:Sits in savings account earning 1% until reinvestedPay Down Primary Mortgage and Take Out HELOCPros:Saves $275,000 interest and reduces payoff during to 15 year on primary mortgageCons:Puts primary home at risk if future rental property investment goes badHigher and variable interest rate on HELOCBanks could close HELOC at any time removing my access to the funds for investmentMiss out on tax benefits of higher primary home interestUltimately, our goal is to have no personal debt including primary mortgage, while building a steady stream of cash flow through rental properties over time.