Quote from @Alan Mills: Yes, I would agree with Chris and Bill, but if you have an option to get around this by putting it inside the house?

Does this approach seem reasonable, or am I undervaluing the property?

Glad to have you as part of this awesome community, Jack! 

There's no step by step guide but there are key things : Learn: RE strategies, what interests you, what do people in your area need.Connect: find a mentor, accountability group and be around those doing what you want to do.Help: solve problems- do people need dealflow, property mgmt, construction expertise, etc. 

I wanted to take a moment to thank those of you who have already reached out or engaged with me since I joined this group.

I hope this helps!

It sounds like you might have some great insights or connections & I’d love to explore how we could work together or share resources to make impactful deals happen.Let me know if you’d like to hop on a call or chat further—I’m excited to see how we can collaborate now or in the future.

Should I explore options like a HELOC or cash-out refinance to free up capital for other investments?

Is this what you're thinking?

Start with BiggerPockets Ultimate Beginners Guide (free).