Then sell the property and start doing fix and flip or fix and rent. ( I prefer to sell this property as it 100km away from my student rentals. ) Not sure if I should renovate the lower unit to sell.

Welcome to the community and be ready for a huge amount of information at your finger tips.

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I'm actively seeking mentorship from someone with experience in similar markets who can shed more light on this process.

Besides reading and listening to podcasts, my wife and I attend a local real estate investor meetup that has been extremely beneficial. 

There are some very aggressive investors that refi into interest only products to free up even more cash in the short term - this can be much more risky though, so not recommended if you are not very experienced and have large reserves.

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Hello,I'm fairly new to RE investing/buying a home and have been reading "Long distance real estate investing."

My question: Is this a thing? 

This is a great place to learn and to connect with people so take advantage of all the great resources.