It’s definitely possible to use the equity from a paid-off rental as a down payment for a new property with a DSCR (Debt Service Coverage Ratio) loan, and many lenders offer this option.

We can definitely explore options for a mortgage on your $350k property to fund both your current renovation and the purchase of your next investment property.For the new property, we can also consider a separate mortgage to cover its purchase and rehab costs.Regarding the rural location, while it may limit leverage to around 65% of the property's price/value, we can work within these parameters.Given your equity position and experience, I'm confident we can structure a solution that meets your needs.

Yes, most definitely at that credit score depending on the prepayment penalty you want and even at 20% down I can secure you financing anywhere in the 6's.

Definitely reach out to the local housing authority &/or their case manager and advise them of the problem.

@Evan Polaski Thank you for this knowledge, I am definitely looking to shadow someone here in Houston, there's so much I want to learn about before I just jump in.

I will definitely try exploring in excel to see which route is the cheapest. 

You definitely need an attorney and your realtor crapped the bed or you weren't listening at all since you didn't even know where the security deposits went to.

Definitely a good question that would require a little more homework and guideline digging to know for sure.

Where I am, we definitely don't get 2 to 2.5x LTR rents.

As a fellow professional looking to get into real estate investing, I can definitely relate to the challenges of balancing your practice with exploring investment opportunities.