Our house in California has a loan on it for $220k but is worth about $600k and since we are still owner occupying it we are thinking of pulling out a HELOC on it so that we can use the money to purchase a couple for rental properties once we get back to Indiana or just have it available for any major future problems.

The idea behind the BRRRR is to have a property that rents for enough to support a refinance that gets you maximum available leverage (loan), and still cashflow nicely.

Originally posted by @Michael Le:My PSA always state that the DD period starts upon receipt of all agreed upon documents.This...whenever possible, once all requested, available due diligence items are received, the DD period then starts.  

Unfortunately, I cannot speak for the other locations because I am not too familiar with them, but I will say that the area around Hurlburt does have some multi-family units available, just not too many... 

The biggest pitfalls I've personally experienced come from accountability and availability.

I chose the maximum length made available to me (13 months) instead of renewing what I'm doing now (12 months).

Also, your line isn't based against your total equity but rather your available LTV against the properties they will take a 2nd position lien with a commercial HELOC. 

Start small and work your way up...Best wishes and the BP community is available at all times.

With the availability of technology, I really don't see a good reason not to.

How long would it take to get to that stage and is it worth it if the opportunity is available?