But there are a ton of cards out there, that officer.

If you're talking about building an interior wall to create a bedroom, this could work so long as you aren't significantly reducing living space compared to the competitive rentals. 3 bedrooms with a tiny living area could cause problems.

-Since you will be house hacking, see what 1 bedroom rentals are going for in the area.

We’re considering whether to do mid-grade updates and rent it soon if we can find a good next property though acquisition and ongoing costs are a problem.

I too, am interested in Raleigh area.

It sounds like you’re looking to put your equity to work without the hassle of traditional rentals, which is totally understandable.If you're not interested in another property or dealing with tenants, here are a few ideas to consider:Invest in REITs (Real Estate Investment Trusts): This would let you benefit from real estate market growth without the headaches of property management.

Couple of days ago a tenant complained that tile grouts were missing and tiles were moving in the kitchen area as attached.

In my experience, the law is never truly black and white there are typically grey areas in contracts. 

@Joseph RhyneI would search for an independent insurance agent in your area.

Area is appreciating but lot of challenges with this property like below1.