This will free up cash flow by reducing the high-interest payments.You can also refinance your rental to cover the $40K balloon and possibly access additional equity, but avoid selling the rental since it's cash-flowing well.

And if that is the case, then I think moving into a duplex would be a good ideaIt looks like you have pretty good income, coming in compared to your expenses, so I would say open up a HELOC on your home in order to access some of the equity that you have in your home.If your home appraises at 360k and you own around 160k then you could likely get a loan for around 130k.

The driveway is wide enough for 1 car, but long enough to fit 2 cars on it by blocking one in.

Becoming a real estate agent can provide access to deals and market trends.

Again, location is key for this, parents want their kids leaving for college to be safe, what are the best areas of Waco that also have easy access to campus, those are questions to answer to judge profit potential. 

I am looking to rent it out, but I am not ready to give up access to it. 

But, my partners have asked me to figure out when and how we could be able to access nonrecourse loans against just the company collateral instead...

So, you should be looking to understand the labor and material costs.Material is usually easier:Anyone you hire will need: drywall patching materials, sanding blocks & paper, primer, paint and the corresponding paint rollers and brushes.Labor may depend on level of skill:How long will it take to prep, patch, sand, prime and paint?

I did not actually see those properties so I don't now good of a deal those were but I did check out a nice house that would easily fetch close to $600,000 in the open market, that sold for $440,000.This is a tendency I have seen already so I am now working in pooling money to have access to the bigger, better deals. 

What’s the best route to access the equity from the rental?