For example, I have a small HELOC on one property I keep as an emergency reserve and to take advantage of occasional opportunities that pop up.

Why can't you start with some smaller residential or small multifamily commercial properties to get your feet wet, show proof of concept and possibly try to take on larger deals.Or possibly find a local syndication group and become an employee under them learning the trade and finding a mentor in the space.

If the goal is increased equity and wealth then upgrade properties judiciously and increase rents or trade up using real estate exchanges.  

It also increases the chances of something going wrong like the economy going sideways, emergency repairs (need cash asap),  or the FED increasing rates.

Investing in another state carries some of these same risks but to a much lesser degree.Every time I've looked at something abroad the risk / profit trade-off seems imbalanced vs. what I can do within the US.

I'll be more selective and avoid renting to those with emerging credit or uncertain financial situations.

Starting with cash is a great strategy, but I would still consider using leverage to stay liquid for emergencies, which provides financial security.

That said, trading up is never bad but there isn’t enough information on what you have, your goals or you timelines for me to offer suggestions on whether or not you should sell.

It's a project to restore, for sure.As far as emergency housing, this obviously isn't going to work.

In December 2021, Ford stock is now trading for $19.61 a share.