If you aren't already involved in local real estate investment groups I might suggest that as a good starting point to educate yourself.

Sometimes HELOC appraisals aren't to the detail that some loans require.Keep in mind the point of the appraisal in this case isn't to put a market value on your house as much as to ensure the bank's protected if you default.

As for rentals, the returns aren't that great because the prices are so high. 

Very approachable price points and small consistent returns every month aren't something to overlook! 

This works well for investors looking for growth because of the high IRR, and they aren’t too bothered by the low cash-on-cash.After the property is fixed up and the income is pushed, the sponsor sells, and everyone gets paid.  

If you have large amounts of cash coming from somewhere else and need a place to put it to work, and aren't concerned with buying more, more, more, then you probably want to buy all cash.Most people fall somewhere in the middle.Hubby and I have been debt free for many years and are truly enjoying that freedom.

changes the equation quite a bit.Also, you aren't figuring out your expenses properly. it is not as simple as saying "mortgage is x, rent is y, so cash flow is Y minus X." what happens when the place sits empty for a month?

There aren't many triplex's in the area and I'm not sure how I would find out what it could be worth with more modern upgrades. 

Just the fact that you said 500k duplex, you most likely aren't going to be cash flowing once you move out.

We're seeing nice and stable returns year over year per SABORs numbers and at least in Central Texas we aren't showing any signs of slowing down.