It's mostly Class A properties, a few Class B.You may find the below copy & paste info useful in addressing your question:----------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Or what are other ways I can access this equity to purchase?  

There were no bids to purchase it at auction. 

If you are trying to get a cash out refi, I would think the bank would want to see the correct type of insurance for the business you are running.I do not have the mortgage yet, just the purchase agreement.

I’m potentially looking to purchase a mid-term or long-term rental property in a different state because I feel I may be able to find better deals elsewhere.

Quote from @Steven Catudal: Hi all,I am looking to partner with a friend of mine to purchase some rental properties.

As you purchase more, your net worth will go up more quickly than the savings in interest with the other option.

It will be my first home purchase. 

I purchased my first home through NACA to actually live in and I'm curious on how to build my RE portfolio from here.

I am looking to purchase an extended stay hotel.