Having this kind of diversity reduces (doesn't eliminate) the risk of being totally dependent on one market.

Because I have several close friends and family in my focus area it reduces the risk. 

I will be reducing my interest on the 5 unit retail commercial building from 5.75% to 3.5%.

They are the ultimate tax reducing vehicle. 

Also, reduced expenses by negotiating with waste removal, converting all exterior and common area light fixtures to LED and tighter property management overall. 

Would it be a good idea to bring in a local real estate agent or some professional to walk through the house and figure out if there are things which I should take care of to reduce the liability prior to renting it out?

Hello,I am exploring the possibility of converting some or all of my Rollover IRA account into ROTH IRA account to reduce my tax burden when I retire.

If you can reduce your personal liability on the mortgage to $400 per month and that is acceptable to you, then that is great.

Obtain a home equity loan to help pay for our new home and reduce/eliminate personal asset?

Welcome to BP 🙂 I’ve never done a house hack before, but I have sublet out rooms in a house that I’ve rented in order to reduce my overhead, while still enjoying the amenities that a house has to offer (mainly garage & backyard).