Renting to a friend can complicate things, especially if you're starting below market rent.

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@Kerry Hermann We got our start in the western Chicago suburbs as well but are now totally focussed on The Shoals.

Have you started thinking about your strategy or exploring potential markets?

My thoughts were that this would be a short-term solution.However, the more I think about it, I’m starting to lean toward a cash-out refinance over 25 years, with a minimum payment structure.

Often times you will pay much more in taxes than if you pulled the money out, paid the taxes and penalty and then started investing in real estate.For example, with the financing you mentioned, the IRA must pay taxes on the portion of the profit earned by financing. 

I was thinking of starting a rent increase for my 1 bedroom tenant voucher due it being low and well under fair market value(Based on  hud and zip code) but my tenant is in the process of having a caretaker for her disability and getting approved for a two bedroom voucher.

5 units+ could be a good place to get started.

I have recently started writing down addresses of run down or abandoned properties that I would like to purchase, but I only have the owner's name.

I’d like to start off by house hacking a multi-family unit.