Some common methods are through strategies like charging extra fees for covered parking or reserved spaces, renting out common areas for parties or events, adding or increasing pet fees, sub metering utilities, and converting unused spaces into storage units that tenants can rent.TIP: Ensure you understand any services that are included with tenant rents and the existing sources of miscellaneous revenue, if any exist.

Seller will not turn on utilities for the inspection but signed in contract that they would.

I was going to do the line of credit but didn't bc I only get $55k and it will hurt my utilization bc I would most likely use it all.

Self-storage is an investment that I am interested in utilizing already.

If you are seeking to invest the gains from the sale of your property and do not want to use the 1031 strategy, look for a passive investment with a sponsor who is utilizing the cost segretation/bonus depreciation strategy. 

Since I will be owning and maintaining both properties, I will have utilities/bills going to each respective properties.  

@Red Peterson one other item I would pay close attention to is the owner paid utilities (ie.

One other thing.. are there any utilities that you will be required to pay as a landlord or can you pass all utilities on to your tenant?

After the 2 year "has to stay primary residence clause" (which is met this coming Feb) this property would be my first rental in the area, and utilizing the cash out refi, would give me the money to move into my next property without any extra out of pocket money.I'll be sure to come back and update this for any newcomers that want to hear from beginners or are still in the "learning before you leap" mindset.I'll list the purchase info and criteria as well as the rental potential in the area and the cash out refi results below.Initial Purchase:3 bed / 1 bath / 1000sqft / 0.46acre / built in 1980 - Appraised at $140,000 in Johnson City, TN - Feb. 2020Credit Score at the time: 648 (This was a focus of mine as I had been repairing previously damaging years in my early 20's)Purchase Price: $132,000 using an FHA 30-year loan at 4.625% / Closing costs from me $4,666.63 / After all fees and closing starting mortgage amount was $129,609.00 / Monthly Principle, Interest, Escrow (Insurance, Property Tax, Mortgage Insurance) payment: $869.12Rental Potential:Johnson City TN is home to East Tennessee State University and close to Bristol TN for all you NASCAR and drag racing fans.

One is month to month, one has two years before expiration, and the other is a crazy lifetime lease for an attorney in the building where his rent will never increase, is already several hundred dollars below market, and he pays no utilities.