You will need a local attorney to close on a house.  

The equity is actually what you are paying for the property.In this case let's look at the numbers that count,...the current numbers.You have about $500k or more in equity, which is buying you a property that's worth about $700k (I went with the lower PV. 

In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

The land itself ran us about 3600/ acre, (480,000) and approximately another 20,000 in closing costs.

Lower Repair CostsHiring licensed contractors for minor fixes can be costly.

it was an interesting process but basically, the novation allowed us to get the deal done without having to involve the banks. this was a huge motivation. that way I save on having to close twice. 

Quote from @Peet Bothma: Quote from @John Yoo: Quote from @Peet Bothma: I'm a foreign national and I just closed a deal on a duplex at 5.75% an a 30 yr fixed and 75% LTV in Wisconsin. 

HELOC: A cash-out refinance could be more beneficial if you're looking for a lump sum to purchase the new property outright, particularly because interest rates may be lower than a HELOC.

For an absentee landlord, it would seem that a condo could have less maintenance headaches than a SFH and lower risk in general. 

Unfortunately, my units do not have any amenities besides being close to downtown.