Purchase price: $98,000 Cash invested: $15,000 I purchased a duplex in Milwaukee as my first rental property, utilizing a conventional loan with an 8% fixed interest rate.

I make $3000 renting it out, the mortgage is $1500 plus the utilities so I am profiting $1000/mo.

Tenant pays all utilities but garbage.

Hi Sherrie, There may be a few routes for you to best utilize the equity in your current home. 

In terms of debts, I agree with @JoeHammel - A title company is the best resource to check on all liens which could be contractor, IRS, bankruptcy, local utility bills or property tax, child support, etc. 

Can you please shares insights on the cost structures with respect to the various taxes levied and cost to run (cleaning, handyman, utilities etc).

They had no clue why and found out through their neighbor that the utility water meter was leaking.

Have any investors here utilized such funding methods?

I haven't done this as this is going to be my very first property, please feel free to ask any questions:Potential Rental Income: $1000/- month (Right now through housing, but rent is due for increase)Taxes: $2600/-Utilities Water/Sewer: $800/- (Rest of the utilities are paid by tenant)Purchase Price: $124,900/-

Most investors and agents are too scared to negotiate, I bought the home on over an acre for 300k.I like to take a net approach where I utilize as many sources as possible to find deals.