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This will happen naturally as you make capital improvements (during rehabbing). As you post a big remodeling project's receipts to the fixed asset account, the balance will increase. (Talk to your accountant to learn what to capitalize and what to expense).
These all occur when you create the loan. I would create a journal entry or the checking account method I explain for a conventional mortgage in section 4.04 Record a Purchase with a Conventional Mortgage.
When you cash out this involves opening a mortgage on an existing property. If there are no existing mortgages, this is probably a first mortgage/line of credit. If one already exists, it will be a second mortgage. When it comes time to actually recording something, you should run it by your accountant before you actually do it. Basically what happens is you have a new Liability account (the loan), and your cash balance increases. This is the same as any other mortgage (see section 4.04).
I hope this helps!
QuickBooks Pro versions past 2004 have a Loan Manager tool