Over time, as you pay down the debt and have an increase in the rents there may be room. 

If you’re pulling equity to put into another property that cash flows enough to cover the higher debt, it can still make sense even at today’s rates.

Do you see more success with seller carry, master lease options, assumption of existing debt, or another structure?

It can be used for the next property, extra savings, invest into stocks/mutual funds, pay off any consumer debt, etc. 

Things like the Hoosier Homes program or the HomeBoost program offer help with down payments and closing costs, sometimes even forgivable loans.A lot of these run through local lenders, so your best bet is to reach out to a few banks or mortgage brokers in Indiana who know the ropes.

I would like to at least have enough to pay off debt accumulated and some cash in hand for the headaches! 

Make sure your replacement value and debt line up so you’re not taking taxable “boot.”

They were all with recourse loan debt.

Take out enough cash to renovate the home and after renovations again in another 6 months do another cash out refinance and take out more cash to use as a down payment on another REI since rates will continue to drop and lower the rate.If you have any issues with (DTI) debt to income ratios since you just purchased a home you can use a DSCR program.

Heloc's also require a monitored DTI debt to income of the bank/lender holding the heloc could reduce or close the account due to excessive trade lines causing a shortage of fund on the purchase or repairs or renovation after the purchase.I have seen multiple homes sold this year that they had a first mortgage and a Heloc and the home sold for less than expected causing a problem with profits and in a few situations caused the home to not sell due to the seller getting lower offers and not able to pay off both mortgage and heloc.I offered a few things to keep in mind and mentioned to reach out if he had other questions.