Immediately after the purchase you can unlock that equity with whatever debt instrument you choose and use the cash for your own purposes.You purchased as much as you sold.  

The tenant took the screen out and needs to use a credit card to unlock the front door, since the storm door frame is in the way of the front door keyhole.  

Most houses were built between 1960 and 1990, and many unlock a lot of value with a bit of TLC. 

Doors left unlocked, squatters, appliances stolen, etc.I do believe for many people great PM can be a money maker and money saver. 

And you'll unlock all of the equity relatively pain free as @Joshua Ferrari said.But where it could get potentially very interesting for you is that your replacement property could be a multi family of 2-4 units. 

When things get iffy in the non-qm space, the first things lenders like to do is suspend locking to hedge their risk (I have even heard of lenders unlocking borrower's).

That way I would always have access to remotely lock and unlock. 

But even with Bars on the Windows, thieves always would find  a way in, like in the old fashion Milk shutes.....They would slip a little kid in the milk shuts and they would unlock the doors, so we had to seal shute the milk shuts.  

It’s maximizing density, opportunities, and unlocking highest and best use.

And your REP status is the golden key that unlocks that depreciation right now.