With this type of YOY growth, you can re-invest you equity into upstate or OOS markets (i.e.

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

At that time I will get the house cleaned up and list it on the market and when it sells I've agreed to get reimbursed my costs for reinstatement plus any other costs plus a fee for my efforts.

You picked a great community to join.. have you checked out local comps to gauge the market vibe yet?

The cash flow of the paid-off property would be $480 monthly (post expenses) and am thinking of reinvesting that back in the market.

How do I access a portion of that equity to fund the purchase of 1-2 more MFR properties in more affordable markets like OH, IN, MI, PA, TN, or AL?

The Japanese market is different in that it is a high yield cash flow market, non speculative investing.

Study the market.

When you charge under market rent, the IRS deems that you do not have a profit motive and, therefore, disallows all rental expenses. 

I am currently a junior business marketing major with a concentration in professional sales at Samford University.