There is no extra money left to cover any other expenses.Because the house is located at a nice family oriented Houston suburb with good school, has a lot of commercial employment around the area, I could expect the steady appreciation of the property with quality tenants.If I refinance my current home for 30 years, with current rate (Let's say 3.85), the monthly mortgage would be $800. 

broom it clean and get rugs

All before anti equity skimming laws and our very rugged west coast pre foreclosure laws came into force in 07 and 08.... they were very good as stated .. just did not realize you can't make a business out of 200 a month cash flow with no equity or reserves..

I am a motivated self oriented individual who wants to meet other people who are in Real Estate.

Martin- Bigger Pockets is always available to find those friends that are oriented toward real estate. let them fill the void.Rich

I have no problem paying a broker commission or finders fee but find that most RE agents are oriented towards "regular" homes and don't have  good grasp on REOs.

I am trying to decide if I should keep renting a home or if I should sell it and invest the equity.Below are basic facts and then concerns I have.3 Bed 2 bath rancher with one car garageFenced in backyardBuild in 1997Located near military installation (minor reduction affecting the local installation ~5%)Cash flows ~$120 monthly after PM feesEst value at $103,900Mortgage at ~$75,000HVAC replaced four years agoRoof original to home I am an absentee landlordVacancy rate, < 5% over past 7 yearsConcerns: Maintenance, roofing, paint, rugs, appliances, etc are eating my budget.Recent $1800 whole interior painting, exterior roof leaks, and wood rot pending.I know the roof will need to be replaced with 5-7 years.

Either way tenants will put down area rugs. 

How do you know the seller isn't buddy buddy with the home inspector and brushed some glaring things under the rug?

They told me everything looked great and then pulled the rug from under my feet.