Their most significant risk is an injury lawsuit that will either be dismissed or settled out of court by their insurance provider for well below the liability limits.If a mom-and-pop investor obeys the law and treats their tenants honestly, they'll never have to worry about asset protection beyond ordinary insurance and a small reserve. 

@Brett Jurgens,With strong equity and a good tenant, you have a few options:Cash-Out Refinance: Offers lower, fixed rates for stable monthly payments and lets you keep the property while using equity to invest in another rental.HELOC: Provides flexible access to cash, though with typically higher, variable rates that can fluctuate over time.1031 Exchange: If you're open to selling, a 1031 exchange could defer taxes and allow you to trade up to a higher-value property or diversify into a different market.Each option has pros, so it really depends on whether you want to hold onto the current property or leverage its value for something new.

However I have had to replace some major appliances recently which had put my in the defecate and added to my motivation to sell (Hot water heater, two refrigerates and a washer/dryer).

With your experience and a clear goal to build wealth and transition into multifamily commercial properties, you're on the right path.

Reasoning for asking this is that it could potentially be a beneficial long play on acquiring a property through assumption, and as we go down in interest rates, utilize this monetary benefit to refi as it comes at a mere .5%.

We're very in the beginning of the thought process of how can we see family more often without it costing an arm and a leg. 

These plans call for six blocks, with buildings totaling 2.5 million mixed-use square feet, and a renovated 14.2 acres of open space with brand-new amenities and improved access.

Andy Sirkin (fantastic legal team from SF) has a library of free online articles and a set of agreements to purchase, to help you on your way to become a Subject Mater Expert. https://andysirkin.com/article...Elizabeth and Christina (The Rental Girls) have done a great job pioneering the shared ownership (TIC's) model in Southern CA. 

AlabamaAlabama residents enjoy a low cost of living and a thriving economy.

You must give notice before entering, but you do not require permission.Any time I expect a response from someone, I include a deadline for their response and a consequence if they fail.