It's simple enough to make a row for income, and another for expenses, and then subdivide those expenses, and add them up in the total expenses cell and then subtract the gross income from those total expenses to get my net.

And has anybody taken advantage of a home equity agreement before and can give me pointers? 

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value. 

yes but they may not pencil out or the rate goes up significantly.

Look them up online, call and interview several of them.

My main goals with these initial projects are:1.Gaining valuable insights into the local market.2.Getting hands-on experience with out-of-state investing, particularly when it comes to remodels and managing from afar.3.Testing the entire BRRRR process to see if it’s the right strategy for me long-term.If all goes well, I’d love to scale up and explore multi-family projects.

Each has its pros and cons and owning just these two properties have taught me many many lessons about Multi-Family ownership.

Quote from @Heather Luu: This brings me to another question.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

I ended up with some rules, couple here:1.Discrimination - Never Rent to Attorneys, Law students or Law Professors.Learn all you can about the Housing Laws i.e.