The "variables" you speak to could mean this is worth every cent of a 5.4% cap rate to "I wouldn't touch this for a 12 cap".  

Last thought (mainly for future readers), you may be talking about the 1 year FHA history if you have variable income.

Current HELOC rates are typically 8-10% depending on your credit and lender, though some banks offer promotional rates.

I will give you my numbers since we are 3 years into Velocity Banking.Home was purchased at $410k.Interest rate: 3.125%30 year termMortgage payment is around $1950 (includes insurance and property tax)HELOC: 8.25% Variable rate - current rateCredit Limit: $97kLet's say I made $10k a month and our expenses were $6k each month including the mortgage.

I advertise via Sabbatical Homes and Harvard Off-Campus Housing and insist my leases begin on Sep 1, Jan 1 or Jun 1 and end on Dec 31, May 31 or Aug 31. 

Quote from @Briley Roe: my interest rate is 7.75, and 8.25.

The amount of equity I call pull is less than the cash I have but not significantly less.When doing this analysis it struck me that it may not be worth using a HELOC for the simple fact that the interest rate is ~9%* while the funds in my high yield account are only yielding ~5%*.

We would need to go into a very deep, very bad recession that is housing related for that to happen however so I would not hope for that. 

Quote from @KT Fissore: we vacancy in one of our single family long term house in leander. 

I explained to the landlord what my business plan was, and paid him a set rent amount each month (though slightly higher than market rate rent).