We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

The tried and true version is pulling a list of properties whether you're targeting distressed homes or high equity homes in which case you can pull on something like Propstream or Propwire, you can skip trace through them or someone like Prime Tracers which has a pay as you go system. 

Sounds like maybe equity skimming?

You’re in a great position with a property that’s appreciated significantly, a low-interest mortgage, and clear goals to boost cash flow and transition into full-time investing.

But if you lay out your plan to the owner over the phone, it's very hard to get a "yes" because trust is developed with a face to face meeting.Trust can be established by talking about your past record (as an investor) but also if you have something positive about yourself (profession - real estate agent, nurse, teacher, fireman, doctor - any profession that can give you some added credentials).#4 Owner vs.

Your looking at this really cool and unique position your in, and focusing on it as a problem. 

As rental rates increase, cash flow becomes strongly positive.  

However, when you don't know what you don't know, this is an incredibly dangerous and risky position to be in with such an expensive investment.Just my 2 cents.

I position my inspections as 'planning for future repairs/improvements' which mitigates that whole 'he's here to get my security deposit' mindset.And, I would rather have the tenant with me than to have him later claim that something was broken during the inspection.  

You can't pull money out if there is no equity.