There are some very attractive short sale / foreclosure properties on the market now and many are limited to cash only transactions due to properties being inhabitable.

We have a home that is already paid off, and wondering if we can leverage the equity of that home to get some cash to buy another property. I am not so keen on equity loan as the rate for that is higher. Is there a way to "refi" a home that is all paid off?

Thanks.

Yes you can.

It's called a "Cash out Refi"

Is anyone doing these for investment properties these days? Property is clean and lendable. Looking for 70% LTV. Value is there easy.

I own with a partner and want to buy him out and use property as a rental.

Or is it possible to obtain an Equity line on said property?

I may sound really dumb but how do you "refi" without a existing mortgage? Wouldn't it be an equity loan?

Yes you can its simply a cash out refinance. depending on your needs and the loan amount you may have to pay a slightly higher rate if the loan amount is above 70% for an owner occupied property.