It's great that you enjoy your career—keep pursuing that passion, but building a nest egg in real estate too is a great idea.

With most of the homes paid off we are almost but not quite making enough to retire now from rents alone so we are thinking of tapping into the equity to make up the difference (of course the debt service is going to eat into the rental income). 

If the Multi-Fam does not have individual utility-meters for all units, then you have to figure out what to do or it can potentially eat away at your cash flow.  99% of Single Family homes do not have this problem.These are just a few pros and cons. 

I'm in Bridgeport now because I wanted a yard and cheap parking :) There's always something to do and somewhere to eat around in River North.  

$30K would be a massive portion of their nest egg.

Passive investors should eat first and sponsors should bear risk first.

Or maybe eat more bacon!

I was going to hold the home long term but now the increase would basically eat away at any of my cash flowDoes it still cash flow?

Putting all your eggs in one basket is a bad idea (for both you and the sponsor).

Dad will now only qualify for 250k capital gains tax exclusion and will probably end up having to pay taxes that eats up the profit.