When you do cash out refi on the SFH, you put in $137k and value at $200k, if loan $150k, means you can take out all of your $137k and have $50k equity in it. congrates you just complete a BRRR

Less is more some times. examples: Favorable Fico credit score > than 620 (Suggested) No significant criminal history.

All you have to do is hold, ignore the rise and fall of the stock price, and collect dividends (just like shrinking equity doesn't phase you as long as the $500 rent check clears).

Does a prudent REI take into account earned equity as profit? 

I was debating on whether or not to put it on the market or hold on to this property (because the area I bought the condo in is really going up in value) and refinance it and take the equity out to invest in another property.

If it ain't broke, don't fix it...but plan on fixing it in the next 5-yearsIf your ARV is only $315k, you have little equity unless you are accelerating debt paydown somehow.You will have lender fees.

Either rent the second home out to build that equity or as previously suggested, sell it for some extra dollars. 2.

In the Cambridge-Somerville area, triple deckers in need of repair easily go for multi-millions, you need a lot of capital upfront for downpayment and rehab costs and you are relying on appreciation to build equity - the flip and condo conversion is a popular option in these areas. 

You still get to show rental income on the house, build equity and start your portfolio. 

I would prefer raising money thorugh debt, but am now thinking it's probably more realistic that someone is going to want equity in the building (I think I prefer hotels over anything else.)Has anyone ever done something like this?