What would you do if you were in my shoes? Guidance needed!

[Andrew Burt]

Good afternoon,

I currently manage a small three-member LLC with my parents. My parents have provided 95% of the capital funding up to this point and have let me roll with things in terms of making executive decisions on purchasing as well as the general direction of the business. They currently own rental properties in the UK and as both have full-time jobs, our collaborative LLC is my 'baby'. I'm looking to turbo-charge business over the next 5 years with an aim of doubling revenue by this time next year.

As things stand, our company owns two rental properties free and clear in Philadelphia, PA. Current valuation of the properties is ~$700k with about $130k appreciation over the past 2 years. Both properties are tenant-occupied with a combined monthly rental income of $3500. Expenses come out to ~$1000/month with net profit at ~$2500/month. I currently serve as property manager and have learned a lot in the past 2 years both in terms of business management and property management. I aim to continue in this role for the foreseeable future as my current full-time job allows me to do so. 

I would like to start pulling the equity out of these properties to fund other purchases. What would be the best way for me to tap that equity? I've noticed that the local market has started to soften over the past few months and I would like to gear up in time for our next purchase. I understand the basics of economic metrics when it comes to evaluating suitable purchases but would love to learn more about how other's assess their purchases or potential purchases. I'm open to all potential avenues - buy and holds, fixer-uppers, tenant-occupied purchases etc. 

So - what would you do in my situation?