Yes, you can extract money from it to invest elsewhere.

Foreclosure listing companies will publish "early postings" if the trustee posts the notice earlier than the deadline.The listing companies extract all the useful information from the actual mortgage and publishes it 18-19 days before the sale on average.

I think J Scott did a great job in defining how we as investors extract value and why we seek out real estate as an investment vehicle.

This is why subscription agreements have an attached investor suitability questionnaire that dives into the investor's background to extract whether the investment is appropriate. 

When you transfer title to a partnership (LLC), you might be adding additional risk if your partner has creditor's trying to extract payments on bad debts or even a judgment.Another way for you to do this is a joint venture agreement.

If you apply the usual goal of extracting $100/month/unit from $300 in rent, what's left for expenses and debt service is only $200. $150 of that is expense (50% rule, which I assure you applies to these properties), leaving only $50 for debt service.

If you want to extract $100 cash flow, that leaves only $50 for a P&I payment.

OK, I'll play devil's advocate to Jon's advice on extracting equity from your personal residence.

Its easier to extract $100 from $1500 in rent than it is from $300.

@Jim Zatko Congrats on taking the leap and your ability to be honest with yourself in order to  extract the lesson from your first experience.