I then spoke with the buyer and his agent, suggesting we use a commercial lender I had worked with for over a decade, who could provide an answer within 24 hours, contingent on a new appraisal.

Regardless of how a certain asset class is doing, an investor like yourself can ALWAYS find a good deal in any type of property.Now, my general suggestion for all of my CFO clients is the gradually move up the unit spectrum/asset type as you build up your portfolio.

If you plan to have it for more than 4 years I would suggest to do a cash out refinance because you will save in interest rate. 

I appreciate the suggestion about checking with insurance agents regarding an elevation cert—definitely something I’ll keep in mind for future deals.

Hi all - I recently invested after the suggestion from my family member who has been investing with them for about 3 years.  

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

You should start with both of these suggestions. 

Any thoughts or suggestions would be greatly appreciated.

And if you bought this property several years ago, then you probably already have a killer rate, so suggestions to refinance seem silly as you probably already have the lowest rate....especially if your refinance was completed as you were an owner occupant, and not categorized as an investor to a Lender.In terms of tax implications, again, it depends on what your ultimate goal is, but if you placed this into a trust, or even a beneficiary deed, it would pass through to a beneficiary who would not have to pay capital gains on it in order to sell it. 

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.