The bottom just fell out

[Kevin Echtinaw]

We built a new home one year ago and had over 200K of equity we were going to use to invest. We just had an appraisel done and we have lost
all of our equity because of the economy (we are in MI) so here we sit with almost perfect credit and a 600K house that is now worth less than
it cost us to build with no equity to use. We are wondering first where
to go for $$$ and 2nd what should we be looking at to invest in Single
fam to fix up and rent/sell or a duplex to rent? Any Ideas/suggestions/help would be greatly appreciated!
Thanks
kcppm