Sounds like in your situation a cash out refinance would be the better option since it is less risk and you can get a lower payment/rate verus a heloc.There is a lot of issues than can arise with a Heloc which is the same as a credit card verus liquid reserves tax free cash in hand that can be used as an asset for PITI reserves or collateral in general for compensating factors in underwriting or rate/term qualifications.I enjoy helping other BP members save more time and money I say it a lot here on the BP forum but its super helpful to avoid mistkes and lost deals as well.  

Rehab consisted of complete gut renovation of kitchen/dining area, new hardwood floors and refreshed bathrooms (new vanity and paint).I am bullish about the long-term appreciation prospects of the property and have trouble envisioning the hold strategy over the next 10-15 years. 

Many landlords are using refinance strategies to tap equity for portfolio growth or property improvements.
Have you recently refinanced to expand or improve your rentals? What results did you see?

.: @Trevor Nealeit's a valid question but i don't think it's how most of us think about this.yes, over the long term the bank gets a ton of interest. 

That is, we tend to use very current information to make long-term decisions, assuming that everything today will also be true tomorrow and the day after.

If someone is putting 20% down and interest only that is better long term bet than a 30 year loan at 97% financing.

@Steve VassalloIt’s the long game.

I like the terms.

Hi there, I am interested in purchasing my first long-term rental property in the St.

That is interesting you are having that issue do long-term management here in Austin and I think we have seen a dip in the volume of rental applications certainly as we're going into the winter months but we are still approving applicants at our normal acceptance rate.