I myself am in a similar position looking to acquire a secondary home in the Banner Elk and would plan on using as a STR and would love any input on your findings!!

Chicago just implemented the largest assault on property owner rights you have ever seen, if it’s not stopped, it could be implemented throughout Cook County and beyond.The ordinance does two things: creates an opportunity for tenants to purchase their building when it is up for sale (a right of first refusal) in some Northwest side neighborhoods, and increases demolition surcharges by 400% Here’s how the ordinance creates up to nine (9) months of delay in selling a building.

The rate and terms on the 2nd lien position if you can find one may also not make it worth the cash out.

Quote from @Abby Chapman: Hi- does anyone know of a bank/lender licensed in Ohio that would allow for a 2nd home loan (10%) on a duplex?

IF you're not on an HOA maybe try co-living. 

We don't plan on growing our portfolio anymore.

Since you’re new, consider financing options like conventional loans (5-20% down), FHA loans (3.5% down for house hacking), or DSCR loans based on rental income.

Reading Vanessa Peters book “the busy professionals guide to passive real estate investing” and in it she has a chart showing initial investment of 100k, 8% preferred return, 20% cash on cash return including sale of property, and 5 year hold.Each year she shows $8k return (years 1-4) then a $168k return in year 5 including the return of equity.

A traditional bank will not give a line of credit even if there is significant equity because it boils down to being able to pay back the money. 

I went on to acquire several other credentials both before and after becoming a CPA, driven by my desire to master every facet of the profession.