Cash-out refinance cons: you are extending the life of your mortgage, in your situation your rate will go up, and depending on your loan type your max cash out may be capped at 75-80% LTVHELOC pros: closing costs tend to be slightly lower, you may be able to get a tax break depending on what you use it for, allows you to maintain your current interest rate, and you can borrow up to 85% LTVHELOC cons: interest rates tend to be higher than a refi, usually come with a much shorter term (5-10 years), you will be making two payments on your house vs. one, and your monthly payment may vary.If you PM me I'm happy to chat further or plug numbers into my system for you :)Best of luck!

You should be able to house-hack your way to breaking even or even cashflowing a bit while living in the home for free.Hope this helps.

If nothing ever breaks, if the tenant always pays, if property taxes and insurance don't increase, etc you may make a few hundred dollars per month.

How much does renter owe when breaking lease in MI? 

The tenant makes or breaks a condo flip.

In my state if you occupy the property you own personally you can get a tax break and you are very protected liability-wise.  

Trust is the hardest part for sure.It takes time to research the people that you are in business with.It takes time to go to see the property and the progress yet worth the investment.Glad you learned without breaking the bank. 

Unless the tenants did something to break it, you are responsible. 

I’ll be locked out from making additional investments but to be honest I’m sorta worn out and could use a little break.

Based on properties I've done back of the envelope analysis for, the only way I'm conservatively breaking even on cash flow is with 50% down.