At this time, I am having to pay all cash in order to close.Purchase price is approximately $600k.

Sara,I see this a lot and I always ask if you know you are going to refinance in the long run to consolidate the Heloc why not just do a Cash out refinance instead. 

Cash Flow Management: If you take out additional debt, it's crucial to have a plan for managing your cash flow. 4.

BTW, the rental property is cash flow positive.Not exactly.

Personally, if I can hold with a little bit of cash flow but good upside appreciation over time I’d prefer to hold.

I just don't think you can expect a property to cash flow when you're putting 3.5% down.

.), maybe showing how much equity could be pulled out of which property when, whether the portfolio would still cash flow, etc.

but it's not a mailbox money / cash flow situation.

I still have that house and it rents for a grand these days. my first house was late 70s that I bought  in those days it was 80 10 and 10  you need 10% cash and normally a private HML would give you the 10% second and bank was the first.. interest on the first was 9% second was 15%.. this was before the Carter interest rate run up.. paid 80k for it in Milpitas CA.. and it was brand new bought it from Shapel . 

if so you will need multiple properties - don't believe all you hear about the cash flow in Detroit.