Advice on Pay Off Mortgage VS Buy Property Cash VS Using a HELOC

[G. Hernandez]

Hello  Members,

Basically what I am trying to figure out is how to use cash maybe a HELOC to pay down or use to buy a Short term rental Property (VRBO/AirBnB).

Situation:

Current Primary Residence Value 300K

Mortgage Balance= $82,500.00 / 2.87% Fixed rate

Cash= $160K

Truck Balance=$8500

Credit Cards Balances= $2k

I am trying to buy a property that me and the family can use for vacation purposes and to short term rental it while not in use. The range I am looking to spend is $160K-200K which may sound like a bad investment. In future i would like to maybe invest in properties in Blue-collar neighborhoods in the range of $40-$60K. For now i am trying to find out the best way to handle my situation listed above.

Really interested in anyone's thoughts of my listed situation above.

Thanks

G. aka (not sure what to do or who to ask)