Looking for a house we could house hack, had an incredibly low interest rate on mortgage and house has increased in value about 42%, an estimated 180k in equity.

However, be cautious about focusing solely on low prices.

I have actually cashed out a lot of my IRA now bc I have so much depreciation from RE that my tax bracket is very low and the taxes to pay on the IRA withdrawal are also pretty much non existent (taking aside the penalty). 

Note the property tax will be -10% on the rent by itself.Month 0 to 24: $2450 * 0.5 - $1573 =-$348/monthMonth 24 to 60: $2450 * 0.5 - $1541 =-$316/monthNext issue is due to the low leverage starting at month 24, the ROI takes a beating.  

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

Even with buying down the rate, I would not expect to get better than low 6's in the best of scenarios.

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

now if you could get a seller to be the bank I get that you could smoke and mirror those deals.. but i would think those would be picked over low value or properties in the worst areas of town etc..   

As you grow your portfolio, keep an eye out for lenders who offer low down payment options for investors or those that allow leveraging the equity from your existing properties to fund new ones. 

There are other loan products available that are still a low down payment.