We are currently renting and looking for a house.

Basically two ways to get cash from equity in an investment property without selling it - cashout refinance the current mortgage into a new loan, or get a second position lien (2nd mortgage or equity line of credit) to stack behind the first position and pull out the equity. 2nd liens are hard to get on investment properties right now, but they're out there.

I've tried to make my own spreadsheet which makes more sense to me based on my current understanding of deals. 

Im Currently looking for a duplexHi Dave,How have your past few years been since your post.

Now Hurricane Beryl is coming and is currently tracking it's path to come right towards where our house is. 

My passion lies in real estate investing, and I'm currently exploring the best strategy to kickstart my journey.

However, keep in mind, the renter will need to share a bathroom with the current tenant, and I've spoken with her about this, and she's fine with this arrangement. 

It’s currently rented for $2,200/month, with a mortgage and HOA fees totaling $1,900/month.

When the current tenant’s lease is over ask your PM what market rents is.

I'm originally from Maryland (close to DC) and currently live here but willing to move to be local to Norfolk/Hampton Roads if necessary.