It is a duplex near scranton PA. the Mortgage is about $2,400 and each tenant pays $1,550 monthly in rent so I make about $700 in cash flow monthly.

I’d rather not give up my current first mortgage rate to get cash out to renovate. 

@Jacob Glover seasoning period on a cash out refinance for a new construction property starts ticking from the time you took ownership of land with conventional financing, but requires 12 months seasoning. 

These special assessment were thousands of dollars, and there was no sufficient reserves from the monthly fees to cover these large biggers, so the owner were required to cover the shortfalls out of pocket, what a great way to ruin your cash flow and ROI.There are benifits to condos, including tennis courts, playground, swimming pools, club houses, and fitness facilities. 

We sometimes have seniors who need to move into assisted living immediately without much cash but they have significant equity in their home.

Ohio & Michigan were recently highlighted in the rust belt as good values that cash flow. 

You can  solve this by a cash app refinance if you’d like to readjust title, this is the way you would take care of it.

I buy value add NNN for cash typically and reposition.

@Rajesh Kasturi My favorite MTR market for cash flow AND appreciation is Portland, OR. 

HELOC are also highly reliable source since the interest rates are low.My tenants pay back the HELOC and TSP and now I have another cash flowing property.I think what you are thinking about is a great strategy