The only issue at that point would be condition including the roof, HVAC, plumbing, out dated electrical box, etc.

Too many new investors are just looking for methods that spam (because companies say it works), but it doesn't work unless you have a very large budget that can stay consistent and then still, it's a lot of kissing frogs to find the good deals.

I guess your method works well for a couple, but I imagine it would be a nightmare once you have more than a dozen. 

Updated electrical panel, new water heater, reconfigured kitchen with new doors/drawers, new countertops, new sinks, new plumbing fixtures, new appliances(seller provided), new flooring, new interior doors, new vanity, detached single car garage, new garage door opener, and newer heat pump.

Maybe it is my market (Live in New Jersey), if this is the case, please let me know which states and cities the cash re-finance method may be more conducive in.

IN most states plumbing fixtures etc are stamped state approved from shower inserts to all other things.. 

I'd say we have at least $360,000 in equity in it as I write this (based on estimates from Zillow, Redfin & realtor.com).While we're planning on increasing the rent for the next term if we keep the property, I'd like to learn how I could leverage this equity into substantially more monthly income with little to no out of pocket expense and no capital gains taxes.I have no experience with loans other than FHA or conventional on first or second homes, although I'm vaguely aware of alternative financing methods (asset loans, etc).Any advice on how to turn that equity into substantially more monthly income?

I rent out an 1100 sq ft single family home which sustained significant water damage to the kitchen in November from leaky plumbing.

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.

You have made the choice, now it is about finding your investment method.