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Very bizarre.Real estate would not make instant rich as real estate is actually just following market movement.

We are spoiled and typically fill our vacancies nearly instantly and I suspect this is unlikely for this vacancy but I will know much better next weekend.  

Obviously if you started before the complaint you win instantly.

I have $100K instant equity and positive cash flow.

So instead of putting down 20% cash they accepted the equity in the other property in the form of a second mortgage with no monthly payment just as a collateral.Disclaimer: This will work is you have enogh instant equity in the subject properties (you need to buy them for at least 60 -70 cents on the dollar.Good Luck to you!

I have good reason to believe that if I rezone the property properly to multi-family and refinance the property, I will be able to instantly have close to 20% equity.Is it possible to refinance the property to a conventional loan and then immediately run out and purchase another property with an FHA loan?

After unsuccessful in getting a renter after 2 months I list it retail and get a full price offer instantly for $135k ( I am in the home for $96k which is what the loan was for ).  

Listings are king in real estate and if you've got them coming to you passively that's an instant business line waiting to happen.  

It was quitclaimed to me so I would have to pay short term capital gains tax if I sold it instantly.