We usually have inspection clause in our agreements for no more than 10 days after EMD is completed. 

Perhaps when you get finished it is something I can help you set up! 

More on how that is calculated below.

This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

why not develop something more proven like hotel on portions of it and make this a larger development and carve out pieces?

HELOC on the TH you're living in sounds the most doable (banks have more appetite to lend when it's owner occupied).Two cents - HELOCs can be great, but it is still debt and you'll want to make sure your base case expected return makes the juice worth the squeeze.

The refinance step is where you pull out this equity, typically in the form of a cash-out refinance.Here’s how it works:You refinance the property at its new appraised value (after rehab and renting).You take out a new loan based on that increased value, ideally for the full amount or more than what you originally paid for the property.The goal is to pull out enough money to cover the cost of the original purchase and rehab (or even more, depending on the property’s appreciation).This allows you to recover your initial investment, which can then be used to buy your next property.5.

He gave me the owner's number (Jeff) and I called him on the spot, hoping to be able to offer my services to help him find and sell more homes in the neighborhood.

Now, I’m rebuilding my portfolio while continuing to help others buy and sell homes.

OK, that makes much more sense...so, if you can get an ARV of $460k, then I suspect you can pull out around $53k once the property is "seasoned" (see image)