Its payed for (with our savings) and we are still waiting to have the remodel completed and to get lit eased, the estimate for the lease given to us was $700 to $850.

Buy a multi family with low money down, rent out the other doors so your mortgage and other expenses are paid for, essentially you’re living for free and saving a lot of money.

Because my income minus bills is all I have as far income to grow my business, I will have to do wholesaling to save some money for my first flip and it will give me insight on FINDING a deal others missed.

My wife would not be thrilled with emptying out the savings.

I have been at the REI game since 1992, I have a rule that has saved my butt many times, you can't force a deal.

You could obviously use the HELOC, or borrow the down from your 401k, you could save cash for a down payment and get standalone financing for the new buy, or any number of things.There's plenty of SFR near you that would cost less then 165k, and I'd be tempted to use just as much equity as I needed to put a down on the first one and get it rolling before repeating the process.I wondered if you'd ever heard of the Infinite Banking Concept?

I think they would take less since its been on the market awhile, but I'd like to have money to do improvements and cost saving measures. 

That way you will save yourself $20k which you can use to buy another deal.

I estimate this overhaul would save about $200 per month in utilities across the gas (boiler) and electricity charges.

Save it for repairs and for the down payment on the next property.