We have about $250k in equity, its only cash flowing about $200 after expenses, but our loan is only at 2.375%.

Until then all you are hearing is BS when someone firmly states my cash flow is ........I know to this point in time I have positive cash flow, some is unfortunately artificial due to locked in equity, but to answer the question as to my actual positive cash flow...…. without a crystal ball it is impossible to answer.I have a friend that has a mortgage free1M dollar property he rents for 5K per month.

Those are two really important questions.If it's been on the market for a while at $400,000, it probably hasn't gotten any built-in equity at $390,000. 

I'd wager most of this forum would be better off investing in equities then in real estate. 

Forced Apperception (BRRRR or buying at a discount) allows me to build in equity from the beginning.Market Appreciation is where you will make the most money over a 10-year period but is the least predictable.You typically cant get a second position loan or HELOC from an investment property.

While your statement is generally correct, specific performance is a remedy typically available in equity when damages cannot make the buyer whole.

I have about 60K in equity, minimal cash on hand, 3.5% intrest on the current house, and live in Tulsa OK area.

Honestly, it is overwhelming for me since the house wasn't in the best shape when we bought it and my family didn't keep up with repairs/renovating throughout the years.However, we do have around ~150k in equity which can be used for renovation and aftewards renting it out.

This is the biggest thing keeping me on the fence. 3a) I have several million dollars in equities, and another several million in CDs, and the CDs are paying me 5.2% for zero risk.

That's probably some $10 million in equity in todays money.