We own a rental with $100k in equity.

I have around 100,000$ in equity in my primary house.

I have around 100,000$ in equity in my primary house.

Ideally we would purchase for $850k with 20% down ($680k loan, $170 down payment) and then put in ~$50k in improvements to force appreciation and start with $220-320k in equity (targeting $1m ARV).

I'm not just finding and managing the deal, I am putting in equal amount of money.

This change alone stands to gain me $150k+ in equity due to the increase in NOI.My concern is that firing this PM may prove complicated due to his status as a tenant.

For This note I am 1st position, although it’s owner occupied, I vetted the borrower well and there is approximately 30k in equity.  

@Greg Davis - you have about $25K to $30K in equity to pull. that will afford you one SFH rental at $100K purchase price which will cash flow you $250 per month, give or take, your fees alone from a HELOC will be around $3K and then you have a monthly payment of $150 to $200, netting you $50 per month and so breakeven point would be 5 years.... maybe three at best. 3,000/50 = 60/12 = 5 years. 

I think it would give a major jumpstart to rentals for me even though the only money made is in equity.

Also, I haven't really looked into it, but I think that after I refinanced it would drop the PMI from the increase in equity.