I believe our team will continue to meet the level of service you expect in the future, but should you need anything or have an issue, please reach out. 

Both properties have a substantial amount of equity that’s essentially sitting idle.Would it be a good idea to tap into this equity (through a HELOC, cash-out refinance, etc.) to fund future fix-and-flip projects or purchase additional rental properties?

With no comps in the area for new construction and the highest rehab selling for 205k, building enough at the onset, 4-6 new construction homes, may be the only way to start a neighborhood turn.The city is looking to increase density in the area and add anchor points in near the area to cater to future investment. 

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future. 

Also past performance from any investment is not an guarantee of future results as your basically alluding to.

Will you look to upgrade the property and then refi in the future?

A hybrid approach could also work—perhaps using a HELOC for reserves while saving the stock portfolio and 401k loan as backup options for future opportunities.

In future endeavors, I will add Airbnb immediately upon achieving Premier Host status on Vrbo to avoid similar delays and because it’s a filter.

This is the BEST $100 you will ever spend, and if you listen to Amanda Han's tax book, you'll know it's also likely a business expense for you to write off :) https://biggerpockets.supercast.com/My perfect way to learn from the BP books is to listen to the audio book through the subscription above, then books that really stand out to me I go old school and get the physical copy so that I can re-read it, take notes in the margins, and put post it notes so key points are easier for me to re-reference in the future.

Income approach Also known as the rental income approach, this method estimates the market value by analyzing the property's anticipated future income and converting it to a present value estimate.