No credit card debt or any debt for that matter & my credit score is solid!

For a poor place say jackson mississippi I might do 85%.Note this does not include bad debt or people who don't pay their rent which usually adds a few more points on top of that.

One of two things is going to happen next: (1) The bank is going to write off the mortgage to bad debt or (2) They'll file for a right of redemption based on lack of due process, etc.

Anything secured against the property will be paid off (it may be a partial pay off depending on negotiations with your lender) but you will still have the responsibility to not only use all of the cash in the next purchase but also to purchase at least as much as you sell.So, if you've had to make a partial payoff to sell the property you'll either have to replace the debt or bring in cash from somewhere else to meet your 1031 requirements.

. - cashflow - 2 houses rented, overall cashflowing $1500 extra per month (2 mortgage and expenses all paid from it)- debt: 19k student loan at 6.5%, car loan 25k at 2%, 2 mortgages 108k at 3.5% and 314k at 4.5%. 15k credit card debt at...19%Basically has 15-20k cash atm and 5k coming in monthly, so could either wait, pay off all debt or buy another property.Big on Jersey City, and potentially looking at areas like Palm springs / Miami for a vacation/investment property.

I have no credit card debt or any other debt (ie car  payments, student loans etc).

Ryan,Asset based lenders do not factor in debt or income - only credit, cash flow of property and loan to value.

So, should we continue to put our heads down and mow through debt or save up and get into the REI game?

There’s a 12 step program for debtors that can help enormously sort this stuff out and deal with the issues that got you into the mess you’re in in the first place.

With that being said, a HELOC is a line of credit which means that it's not debt or a loan until you use it and create debt.