Are you thinking about managing versus a property manager or are you also thinking of selling as well?

Is this the only market you are looking at to invest in or are you open to out of state investing as well?

I've done this with my properties because I'm well known in my small town and don't want people to know what I own.

@Shafi Noss Improving the land would be the simplest since there's already a driveway, electricity, and an old water well that needs to be jetted again.

For instance, properties with an accessory dwelling unit (ADU) on the lot that can be implemented as a long-term or short-term rental can perform exceptionally well.

The problem with Multi Family is that unless you or your partner have $10M or so of net worth and $1M in cash laying around as well as prior experience with commercial real estate, you can't get the loan. 

Dear Fellow Investors,I hope this message finds you well.

I just got something small and well within my means - refinanced when rates got low and now it's a decent little cash flowing rental 

Every loan and bank will have its associated fees and cost as its the price to do business but if you see more leverage in tapping into existing equity that could very well be the case.

One thing to think about is when doing heloc on primary if you want to refinance you need to get their signoff as well as your primary loan which could cause complications.