Once the debts are paid off, the income remains.If you can, acquire income producing assets well below market, extract some equity and use that to reduce your principal balance on your FHA loan.

I took Sharons advice and tried coming up with an average time on the market for properties next to the tracks to sell but the sample size is just too small to be meaningful.

The areas around the schools with grad students who treat the units well and most have partying out of their blood as they finish the final years to graduation.Then you have some rougher areas around Athens with higher caps but the tenants are more of a constant care thing to extract the rent.

That 3% can make a meaningful diff to the seller.

They hope you only catch 3 out of 10 things they are hiding etc. and will still extract more money out of you on the sale.This is why if it's a listed property working with a commercial broker who looks over these things everyday is worth it especially if the seller is paying for it.

Whether it's worth it depends on the level of screening you did and whether the tenants have meaningful employment.

In my county (Pinellas Co, FL), the property appraiser lists a "Taxable Value" (used to calculate property taxes and not really correlated to anything meaningful as an investor), as well as a "Sales Comparison" value. 

I am trying to extract hidden equity in the home and would like to get it done right, with all permit/paperwork for under $10,000 .

I say I'm pretty good because I haven't been wrong (with a meaningful impact) yet, BUT I don't take that fact for granted because it only takes being wrong once...Thanks for your response and encouragement.

The equity curve is really bad seriously.So folks that's buying on 2022 will have much much much longer ability to do meaningful refinance and having real estate transfer to wealth effect.How to mitigate that risk :1) buy cheaper property2) have higher cash/down and reduce the LTV3) keep paying / adding principal into the mortgage every month4) It makes all sense to consider the IO options with longer 30/40 years mortgage.