When considering single-family homes (SFH) or small multifamily properties, it’s important to analyze rental demand, local property values, and rental rates to ensure you’re getting strong cash flow potential.

Purchase price: $172,000 Cash invested: $43,000 We purchased this rehabbed home and added a privacy fence, removed overhanging trees, finished the countertops, built a firepit, security system, camera's, fixed the sidewalk and turned it into an airbnb.

Otherwise, I think it is a good area to buy, it should cash flow as an LTR on day one (unlike other places nearby) and it is a nice community. 

Purchase price: $172,000 Cash invested: $43,000 We purchased this rehabbed home and added a privacy fence, removed overhanging trees, finished the countertops, built a firepit, security system, camera's, fixed the sidewalk and turned it into an airbnb.

The key is finding a property where rents cover the mortgage or, even better, cash flow.

BRRR's or flip can recycle your cash so you can rinse and repeat.

(Still doesn't help me with the 2-party HOA).The property is my cash cow and a great investment, I rent weekly in the summer months and 9 months out of the year to students.

And again, with a separate parcel it should be easier to finance the construction and do a cash out refi. 

You didn't write how much 'sweat equity' you put into this place, but it was likely well worth it given the $400K cash out.  

Your S-corp does not have the cash to pay you.