@Brett Jurgens,With strong equity and a good tenant, you have a few options:Cash-Out Refinance: Offers lower, fixed rates for stable monthly payments and lets you keep the property while using equity to invest in another rental.HELOC: Provides flexible access to cash, though with typically higher, variable rates that can fluctuate over time.1031 Exchange: If you're open to selling, a 1031 exchange could defer taxes and allow you to trade up to a higher-value property or diversify into a different market.Each option has pros, so it really depends on whether you want to hold onto the current property or leverage its value for something new.

I want what’s doing best, as the S&P since the Depression has returned on average 10.6% (it fluctuates by .1 or .2% periodically) if I buy a property I want it’s IRR to at least beat that.

Interest rates will probably be the same or fluctuate a little bit in this time.

Assuming the area you do arbitrage in is not a seasonal area and have demand year round with maybe some fluctuation.

The number one employer is the state government, because the capital is next door, and the number two employer is the federal government, both are not cyclical and don't fluctuate, if anything their job base increases. 

Texas is one of the top states for house flipping, but it comes with challenges like fluctuating property values and renovation costs.

@Ash Gowda - typically a 1.3-1.35 dscr.  5/7/10 (all dependent upon the lease term and re-ups); Rates fluctuate but for now from low to high 6's fixed.

However, this seems unlikely given the current high interest rates.I don't anticipate significant interest rate fluctuations for the next 6 to 9 months.

Focus on Cash Flow Early On:While appreciation is the long-term play, as a beginner, I'd recommend focusing on cash-flowing properties to provide you with a safety net and help you ride out any market fluctuations.

Commercial values can fluctuate greatly - I am a fan of time heals all wounds and if you acquire a commercial property and can turn it around I believe there is still money to be made.