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@Christian Licata I realized I wasn’t going to get anywhere just sitting on the sidelines and so I spent several weeks analyzing my target market and ended up choosing a SFH that was in a great location.

Whether to consider selling or converting to LTR is really up to you. 

Hi Erin, welcome to the community! 

There are 100 different strategies and I don't think one is the best, each one comes with pros and cons. 

A Home Equity Loan is usually a chunk of money you get up front and start making P&I payments on right away for a set amortization period.

What are the pros and cons of a Single Family Homes vs a Townhouse for rentals. 

If you don't have a good foundation(bad debt paid off, $$ saved up) I would first focus on that.

If you end up giving them the notice to vacate do not offer the option to sign a lease.

Quote from @Connor Kline: I have interest in a multi family property that is made up of loft studio apartments, all roughly 550 sqft.