You can either use your profit to buy a property free and clear or use your profit as your equity requirement if you're obtaining a new loan on the acquisition.

Now I have the confidence I've been waiting for, I'm not making any money from this I did it as a favor but things I learned are worth more than money.

We are reasonably handy people if a house needs repairs we are willing to take on a task and put in sweat equity.

However, it appears as though you have more than $100k in equity...just waiting to be used. 

Obviously he has some equity/value, depends on what price he’s willing to sell for. 

It's better to get one with equity in it.

But that's the only way to grow. putting yourself outside of your comfort zone is the only way that eventually this stuffed becomes your comfort zone.Keep your long-term goals and the big picture in mind - you are not only living for free you are also building Equity every single month.

The law is heavily biased in favor of the tenant / purchaser. 

My guess is it will be best to get a 80/20 loan on your current home, and use the equity towards the new home. 

Get trained up and educated on that asset investment type and then try to get a small slice of equity on some of their deals.