Hi Will in Chicago-Congratulations on having a paid off rental with 500K in equity.You are wondering what options may be available to put that equity to work and you are not interested in buying another traditional rental.One suggestion I would offer is to put some of the equity to work by becoming a private money lender partnering with an investor that would split the profits with you on short-term projects.You could turn that money over and over into the next project getting a higher return than the trapped equity and getting a lien position on the project property to protect your downside investing in a fairly passive way.To Your Success!

Try to anticipate other potential avoidable situations with a follow up inspection to assess the Locksmith’s work and ask your tenant(s) if you can also use the time to assess for other issues such as unchanged HVAC filters, leaky pipes, working shutoff valves, working smoke detector batteries, properly working downspouts, clogged dryer vents, evidence of water damage from leaking roof, etc,etc,etc.

I'm needing to redo some foundation work and stucco on a garage conversion ADU in Long Beach.

Yes, in the smaller communities that I live, work, and play in.

I have moonlighted for several Architects and through hard work and good fortune stumbled on an opportunity to become an apprentice electrical engineer. 10 years later I am a senior engineer, together with my wife, have a decent portfolio of Real Estate.

Life is busy with regular work and a few kids, so just looking for any way to maximize our time where we can!

For this to work and all make sense, you will have to move and get ready to take that leap.If you have any questions on the DSCR loan and closing in an LLC, feel free to shoot me a message.

A prudent investor doesn't seek quick riches through shortcuts.

Valuing your time and understanding your limits and skills will make a big difference in the equity you build, the quality of the work and your sanity. 

@Anthony Zotto I hope you purchased a good deal because it's time to go to work and establish a new order.