Then when you are done you can weigh the option between refinancing or just keeping the current loan.

The most knowledgable people on market rents are the prospective renters who are currently shopping around trying to find the best option for themselves to live.

It is a very tough market and renters have a lot of options.

Quote from @Stevan Stojakovic: Given that your property isn’t a primary residence, a cash-out refinance is likely your best option to access equity.

Or you can try and lease option it, but be sure to mentor your tenant all the way to get pre-approved, otherwise you have an 80% chnace they won't be able to buy it. 

We met ALL of the criteria for our private money lenders being 'Friends & Family' and they all have agreed to receive email communications from us.

DSCR cash outs will allow you up to 75% with reasonable rates and 80LTV with higher rate options, but only for SFH rentals.

The options are:1. you could get it from investors but then you will need to use an SEC exemption2.

Closing Costs – Remember to factor in refi fees and how long you plan to hold the property to determine if refinancing will save you money overall.Since you mentioned owning the property for only a year, your equity might still be limited, impacting your options or leading to higher costs.

My overall goal is to become a mortgage broker as I like the idea of having all lenders as an option and working for my self.I really appreciate the help!