Thinking of developing a small warehouse business park and trying to get more information to see if there is a demand and viable.  

Account Closed Nice.  

I know the home really well and it's in a nice neighborhood.  

George, reach out to me when you get a chance, we buy a lot to fix and flip, wholesale quite a bit, buy rentals and are now developing multiple subdivisions.Would love to talk to get you started..

You could then go ahead and sell it at full (ie. lower) MARKET cap rate, which arrives at the nicely increased figure of $1.2M! 

If the personal decision suggests staying, you can do the same on your existing home...refinance or get a HELOC on purchase a rental.In many cases, your existing personal residence does not make as good of a rental investment as many other properties would and limiting your potential investments to one property (i.e. your existing residence) is, well, very limiting.Good questions and nice work on kicking these items around.  

On one hand it's be a nice to have, but then again, she's my partner, so a division of labor is good too.Brian

If you can develop a good relationship with a Lender who will give you HIGHER than 70% of their appraisal - good luck to you.

This led me to looking at bank owned properties for around 10,000 to 15,000 however every single one (even though fixed up nicely each would only be worth 35,000-40,000) had something seriously wrong with it from mold infestation to a giant hole in the ceiling to literally being condemned due to foundation issues.

I am new to BP and am starting my own real estate development business while I continue my full time architecture job (corporate, mostly retail; not residential).