How to Best Leverage $500k in Equity for Additional Income

[Anthony Maffei]

I purchased a two-family property in 2017 and now have around $500K in positive equity. My goal is to leverage that equity for additional income. I'm a full-time sales professional at a global GSI, so I'm seeking relatively efficient strategies.

Has anyone successfully used cash-out refinances, 1031 exchanges, or other equity-based approaches to boost income? I’m also open to exploring short-term rentals, private lending, or passive investing in funds—anything that maximizes returns while keeping risk and time commitments manageable.

For context, I’d consider leaving my job if this could become a full-time venture that surpasses my current compensation (low-mid six figures). My father is a certified contractor in NJ—he’s built one home, flipped four, and consistently handles upgrades and maintenance for me and his other clients.

I’d appreciate any tips or stories from those who’ve turned equity into a profitable venture. If this isn’t the right forum, please let me know and I’ll remove the post. Thank you!