@Wendell Edwards Jr make sure you are understanding or at least have someone who is helping you with your first few properties.  

Please indulge me for a moment while I introduce myself and describe my understanding of the property:About me: My goal is to replace my earned income with income from long-term buy-and-hold properties.

Sadly, it is FHA loan so stuck with it throughout the loan regardless of amount of equity in the property from my understanding (although they recently change the FHA rates so think I can get a slight adjustment)3.)

@Chris Piper I understand people just starting don't have stacks of properties or cash buyers.

I understand what he was getting at, however not sure what I need to "prove" it so to speak.  

We are looking for recommedations for agent/broker/realtor in the Fairfield County Connecticut area.Wanting to build a relationship with someone who understands REI.

Mathew it is my understanding that you can not to HELOC on any house that is not your current residence in the State of Texas.  

You also said something that I don't quite understand.

@Isiah - Luckily my father was a GC for 25 years, so I have a solid understand.

I understand that refinance topically add more balance to the loan but 16k?