Choose the right property, manage tenants, and consider space considerations.

Quote from @Dan Gandee: One more thing: don't ever hand over cash until they've vacated the property.It's sad that this is even a consideration. 400 units under management and I've never paid a Tenant to vacate a home.

Considering on taking advantage of the equity in my investment property instead of selling and would like to know what's out there to take into consideration for re-investment opportunities.

This doesn't mean you should be looking at markets such as Detroit and Memphis, because even though it looks good on paper, if they are shady neighborhoods, you are going to spend a considerable amount more on property preservation (broken windows, stolen HVACs, etc.).The easiest way to increase cash flow would be on your existing property.

@Kamryn DeVaultTo invest in a duplex, consider factors like neighborhood quality, economic stability, safety, property condition, cash flow potential, financing options, tenant screening, lease agreements, future potential, legal and zoning considerations, maintenance and management, networking, and starting small and scaling.

We have put a considerable amount of money into the home to include a completely renovated 2nd floor 2 bedroom unit.

Sounds like you understand my considerations well. 

Here are some steps and considerations to help you get started:Steps for Purchasing a 5-6 Unit Property1.

We have a PMI payment of about 300.00 per month.We have put a considerable amount of money into the home to include a completely renovated 2nd floor 2 bedroom unit.

Each step requires careful consideration, but with the right team (agent, lender, inspector), it can be a smooth process.