The key to success is to build a reliable team to represent your shared interests. 

So while having $200k equity sounds good....if that only represents 10% of the value...then a cash out loan may not even be possible. 

Please vote no. http://www.votervoice.net/Shares/BaCzZA1hACW7RAwRFKW7FAA Please click on the link, fill in the information, and it will automatically send your representative to vote no on the proposition.

A charming Victorian representing turn of the century Architecture throughout.

You cannot have rents mailed to you, they need to be mailed to the owner or have a drop box at the property, rents have to be deposited into the owner's bank account, you cannot represent them in an eviction (it would have to be the owner or an attorney), you cannot sign leases for them, you can't have the final say on negotiations for rent and vendor services,and you cannot create the copy for listings (the words) and the owner must approve rent amounts and terms. 

There can be a concern of conflicts of interests when an attorney tries to both represent a party to the transaction and have one of the above roles.

Population has been declining and we’ll be lucky if we get to keep both our Representatives after this Census.However the one thing RI does have for you personally is that it is close enough to drive to if you had to, for example to go to the home inspection or if there was some issue your property manager couldn’t handle soon enough, or you wanted to check on the status of a cap ex project, or you needed to interview a different property manager, etc.So it might fit the sweet spot for you in terms of being more affordable than your own back yard but still being “close enough” for you to have a comfort factor you might not have elsewhere in the country.

While the listing represents what you stated above, Redfin's pulled data shows a 3/2 2300sq/ft home which is why the comps and property value might be off. 

Purchase price: $1,550,000 Cash invested: $292,000 This deal represents Phase I of a 28-unit new construction project being acquired by IRV.

The lesson learned would be to chose your agent that represents you wisely and make sure it is someone you can trust to help you make hard decisions.