Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

I can not believe I posted this two years ago.

We'll be househacking and renting out the other side for about a year to satisfy the terms of our mortgage. 

We're located in Bradenton, Fl, so this property is attractive for snowbirds looking to get away for the winter months but I'm trying to figure out how to fill it the rest of the year. 

Assuming when you say "$3900/mo in rental income" you mean cash flow.That means it will take you about 13 years of rental income to equal the $500k in equity you have now. 

If I cancel the PM contract do I need to pay a 1 year agreement fee to the old PM.

I have worked, invested and been involved in just about every aspect of real estate for over 30 + years and for the most part, it has been a great trip!

21 days after reading this post and taking action, I got my first booking.com guest, but for a stay that will be in May next year.  

I was interested in this type of deal because I was living in the area for another year and needed to build equity as well as dip my feet into the real estate market.

The only way I KNEW it was a good deal is I had been researching two areas for about a year.