Hi @Josh Corby, along with the mortgage payment, there are usually vacancy rate, property taxes, insurance, your share of utilities, capital expenses, maintenance, and property management fees to consider.

Not sure yet on what I would reinvest the money into, but just makes sense to me to utilize the equity since the rate of return would exceed the interest rate expense.

I feel a lot of people that fall into buckets 2 & 3 would prefer an all-inclusive payment and have everything taken care of (lawn care, snow removal, utilities, etc.). 

If you utilize a Promissory Note and Deed of Trust (in WA State) the prior owner is completely removed from title.

with the BRRRR/Flip idea utilizing equity from the home, you are best off to pursue the garage idea but there are a few considerations to take into effect.

However, I have no clue how to pursue this goal or find potential sellers willing to utilize this method.

For the contract stuff you should talk to a lawyer about that and someone already utilizing the strategies you are discussing, know the risks of the strategy you want to implement before moving forward and maybe try to shadow someone already doing them.Again my initial recommendation is that you put your work ethic and drive toward something with a more predictable payout, stop wasting hours working for Walmart, bring your earnings up and continue learning about this industry and then make a move for something bigger once you have a nest egg built up and have taken the time to develop enough skills to make it in whatever you decide to pursue.

I’ve calculated all cash invested including closing costs, Mortgage, utilities, insurance, furnishing the unit, supplies etc.  

Own the land, utilities checked out, the permitting is almost done, have a contractor lined up, and about to break ground in 1-2 months. 

Can we turn off the utilities?