The question here is how should I leverage the equity I have built here - I could sell (also due to question #1) and reinvest the money else where OR extract equity out of this (HELOC or refi) and invest elsewhereI'm happy to clarify to help me get better answers.

So the pattern is to keep the provisions for this type of property ownership on a short leash because of all the bad experiences residents have had with the slum next door.Therefore it is incumbent on us to establish a different narrative that shows how investors "invest" in communities rather than "extract" from them. 

However if I do a BRRRR I can achieve infinite return by extracting all of my investment.

Mom and pop extract the increase every year.

Couldn't agree more about extracting yourself from the rehab as much as possible, especially the physical labor part.

(That said, it's a bit annoying when both have the same 5% category a given quarter.)CFF and your CFU also work really well together if you get a Sapphire Preferred (or Reserve) card in the future (aka The Chase Trifecta) as you can extract even greater value from the points if used for travel.

Solar would increases the value from an appraisal stand point but the market extraction for the cost incurred would not make sense. 

You're still choosing to pay or your own money when you transfer it from your bank (free) to the equity (cost to extract).How/when are you getting an extra 150 in "hypothetical" cash flow?

The big question is how much is owed since the reverse mortgage is designed to extract equity from the property over time.

It's not an investment.2 ex-homes and my current home say otherwise:Appreciated over $600KAppreciated about $500K and cash flowing very nicelyAppreciated about $300K and still living in it.Note: Each of them have had money extracted and re-invested so that the returns from these gains far exceeds the gains alone.I agree that if your home in a tradition zero appreciation market (implying appreciation is not historically greater than inflation) then your home is likely not an investment (you still get equity paydown and someone else is not cash flowing off of your rent).