@Joe Villeneuve @Theresa Harris, thanks a lot for taking the time and provide some info/ideas/suggestionsTo give you some color for these properties, there is a 15 years-plan that my wife and I are planning to have arround 5 to 7 properties in the same $$$ range (-+ $200K) that we can rent them around $1600-$1800I believe after 10 yrs, I am expecting to a better cash flow considering some loans will be paid in full, but maybe the next properties will have as you suggest 30 year-loan. 

Suggest you do the same (even if they are two page documents).

Since you mentioned that you are getting started, I highly suggest you house-hack (this is how I got started in Costa Mesa, Orange County).

Hi Will in Chicago-Congratulations on having a paid off rental with 500K in equity.You are wondering what options may be available to put that equity to work and you are not interested in buying another traditional rental.One suggestion I would offer is to put some of the equity to work by becoming a private money lender partnering with an investor that would split the profits with you on short-term projects.You could turn that money over and over into the next project getting a higher return than the trapped equity and getting a lien position on the project property to protect your downside investing in a fairly passive way.To Your Success!

Any suggestions?

I’m looking for some advice or suggestions . 

I would love to hear more, and dive deeper into suggestions with a little more info.  

Bob,Do you have any names/suggestions of companies that offer "loan servicing software with modular pricing". 

My suggestion is to buy new appliances with warranty.- They add 15% margin to the repair costs.They don't have good accounting system to get good clarity on monthly transactions like rental payments, expenses, etc.  

I suggest you find other sources of income or partner on deals to grow your real estate portfolio.