The main thing is making sure your investments produce a return that outweighs the cost of the borrowed money.A full cash-out refinance could work down the line, but with rates where they are, you’d be trading a 6.25% ARM for something likely higher, now that it is not an owner-occupied property, which may not be worth it unless you really need the capital to scale.

By understanding the local market and organizing a strong support network, you will unlock varied opportunities for growth and long-run success.If you’re interested in learning more about how to get started or want to discuss specific opportunities in Phoenix, feel free to reach out to local experts or explore educational resources tailored to this market.How many foreclosures are there today vs 2010 or historical average in Maricopa county? 

The only thing about it is that the property hasn’t been very well taken care of, so we know there’s a lot of work to do to fix it.

We are wanting to buy out the kids for their half, take some cash out, and then use it as a rental property.  

I don't think that agents realize that they lose all credibility putting a post out there like this.

You need to meet one of them to be considered materially participating.Spend more than 500 hours on your rental businessDo substantially everything for the rental businessSpend more than 100 hours on the activity and no one other individual spends more time than you doSignificant participation activity for more than 100 hours, and your combined activity in all significant participation activities exceeds 500 hoursParticipating in the business for five of the 10 previous taxable yearsPersonal service activity (non income-producing) for three of the previous taxable yearsRegular, continuous, provable participation in the business for more than 100 hoursThe first three are the ones the majority of real estate investors will evaluate and attempt to qualify for.

While it seems like there are some better priced deals lately, you may have to be prepared to put down 30-40% down.I'd say due to the lack of homes for sale, you should be open to many if not most cities depending on the deal that comes up. 

Any tips or advice? 

Quote from @Jacob Rodriguez: How do you find roomates for a house hacking situation, 4 rooms and currently 3 are occupied in san antonio texas I would try turbotenant as well!

I am particularly interested in learning about finding good deals, budgeting for renovations, and avoiding common pitfalls. if anyone has any advice, recommended resources, or personal experiences to share, I'd really appreciate it!