It would be wise to consult an attorney.

Borrowing from the equity must be done wisely, or you will end up with negative cash flow and be at high risk due to over-leveraging.NOTE: I use interest rates much lower than they currently are in 2024!

@James Wise True story

But if you guys are open to living in the city, you might have a better scope of options - cash flow wise. 

It's a proven cycle: make money, invest wisely, minimize taxes, and repeat.

Going forward, you can keep a property wise detail of the cost basis, improvements, and any depreciation in either Excel or QuickBooks.

It's also wise to check references from previous landlords to understand their payment history and behavior as a tenant.Once all the information checks out, you can proceed to signing the lease and collecting the security deposit and first month’s rent.Good Luck!

Is it wise to use loans to start?

Join area wise  and niche wise example https://www.facebook.com/groups/2226094215/

I'd also suggest you connect with @James Wise and @Engelo Rumora.