You’ve already taken a decisive step by proving your reliability to friends and family, which is huge.

Diversifying geographically can also reduce risk and increase long-term returns.For example, there are several markets across the U.S. that are ideal for new investors because they offer affordable entry points, reliable cash flow, and strong economic fundamentals.

@Joshua Martin,If there’s a chance you’ll sell next year, a HELOC might be the better move since it typically has lower upfront costs compared to a cash-out refi.

Another way to say is that what is the value of the property (today) compared to what is owed on the loan?

Research the options available, compare their benefits and risks, and decide which approach aligns best with your goals and preferences.House hacking is a great start.

I would confirm by seeing the product then going out and checking comparables in that market that have sold. 

I’d suggest you dig into the numbers, compare it to what a regular sale would give you, and talk to someone who specializes in this type of deal.

However, the rental value this area is very low compared to the Home values and mortgage rate.

If you are getting a good deal on a place and it is just a regular-style house, I would run numbers compared to AirDNA and Mashvisor's estimated revenue.

I would compare it to you or the Seller buying down the rate permanently.