I typically recommend that my investors start with more cosmetic flips that can be done in 3 weeks to 2 months to build the capital for bigger rehabs that have more equity. 

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

If the primary goal, and it should be, of every investor is a return of capital and the secondary goal is maximum return on that capital, then you are in a great position.The real problem you need to solve, as I see it, is taking advantage of the unused equity in your Atlanta property.

If you have a scenario that the area is being developed or other factors that indicate value should go up significantly in the future, it might also make sense to hold and refi your capital out. 

However, you could convert the rental property into your primary residence, live there for at least two years, and qualify for the Section 121 exclusion to avoid up to $250K (single) or $500K (married) in capital gains, though depreciation recapture remains taxable.

2️⃣ Property Tax Deduction: Claim up to $10K for state & local taxes.3️⃣ Capital Gains Exclusion: Sell your home?

At first, you won't be able to offset your W2 income with losses, but it is nice when you sell a property at a profit and all the capital gains are wiped out by losses from other properties.A huge amount of tax savings get unlocked if one of you leaves your W2 job to focus on real estate and you get Real Estate Professional Status (REPS). 

The 1031 exchange would allow you to indefinitely defer all of the capital gains taxes and use it to purchase multiple newer properties with lower capital expenditures, in a better market. 

@Jake Hughes A 1031 exchange is a great way to indefinitely defer all of the capital gains taxes, and gain access to that tax to use over time for your own benefit.

This allows the investor to benefit from future buying opportunities in the REIT without triggering any capital gains or depreciation recapture tax events.