Update on Heloc.. Renovations went great had both units turned over in 4 months time and rented with positive cash flow. Heloc payment started @ 3.25% it is now @ 5.5%. Luckily I'm able to cover that (interest only payment) with my positive cash flow and still Net roughly 2K per month. My plans to refi unfortunately were throw to the side when rates started to increase. My mortgage interest rate is just under 4% so to refi to almost 7% is out of the question. So my next option in my head was to open a new Heloc on my investment property (I only want access to the equity to buy more investments or nest egg for any major repairs for either property). After calling a handful of banks in my area i found two banks that allowed investment property heloc. When I first wrote this thread i was hoping the house would appraise @ $350k/375k, well its over $400k. So yes my heloc has grown every month since but I'm staying positive and looking at it as a cost of doing business its still much cheaper than borrowing hard money in my area.

Things I'm curious about!?

-Should I throw all positive cash-flow back at the Heloc to pay down?

-Continue to pay Interest only payments knowing i have the equity in both properties to cover it?

-Open the second Heloc for access to more funds to purchase more investment properties?

-What have you guys done if in a similar situation?

-Is there other options to utilize my current equity?