On an investment property; A SFR if you have #1-4 mortgages you can pull out up to 75% of the equity and a 2-4 units is up to 70% equity.

@Jon Horton I have been a turnkey buyer for a few years now, and my experience overall has been quite good on the properties I purchased, but there was also a deal or two I pulled out of when things were not going anything like they should.  

Markets, Personalities, Age (I too have been around for a while...with a birthday coming up still this month), goals, financial situations both current and changing, are just a few things that push/pull all of us in the direction(s) we take.I talk about leverage, but that is only a part of an overall plan.  

., exclude it from your 1031 Exchange) and you would pay tax ONLY on the amount that you pull out. 

Try a whole house air exchanger, they pull air out while bringing in fresh air. the one i linked to i have used in one of my units to meet the building code for fresh air, this one can handle a 2,000 sq' home. this may help and only costs a few hundred dollars.

For the house you're looking at, you can ask a real estate agent to pull historical comps for each year and look at those to understand the true appreciation of the neighborhood/house.

And of course, a contractor who can pull it all together.Good luck!

We went to look at it toward the middle of March 2015 and there were holes in walls, missing fixtures, odd electrical (the wiring for the back porch light and exterior outlet have been pulled into the master bedroom), tiles missing in the master shower (green plastic was duck taped across 2/3 of the surround so they could use it anyway), and cabinets missing that were not that way in November when it was listed with our Realtor.

At least then I still have control over pulling my capital out if I don't like the performance.  

@Jessica Chow Congrats on the rental, pulling the trigger on the first one is challenging.Do you have an estoppel agreement from the tenant and have you compared that to the lease provided by the current owner along with whatever background info they collected from the application?