I currently live in it as my primary residence but had plans to eventually rent it out and then cash out refi once I reach 20% equity in the property.

@Robel Nessro  Many young people are buying houses and then having roommates to help pay the bills.

So why would you pay what they paid then? 

My mother originally agreed for me to refi some money out of the equity of a house we co own but then she changed my mind after I signed the contract on the guesthouse.  

@David YoungRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

You get money at closing and then you refinance when rates go down.Anyone done this before?

If the zoning map was altered where all 2-4 units were now RT-4 then developers couldn't just tear them down to make SFH and building owners wouldn't need to fight the city to increase density. 

And then work backwards to make them happen.

Or, are you saying you want someone else to do all the work then white glove deliver it on a silver platter? 

If I terminate property manager lease for existing PM for rented unit then I end up paying whole year commission of about 1500$.