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?

The only plays i've personally seen with this type of asset that make much sense are fixing it up (really substantially, because remember it's already old and is just getting older by the minute) and then using a Seller Financed Sale as your exit strategy when it is time to sell.  

Unless your refi rate is substantially lower than what you have now, a refi will only drive that performance lower. 

Purchase price: $400k (I paid $40k down, so $360k loan) - The house appraised for $430k (16% equity).ARV: $525KReno: my higher-end estimate is $50K.I plan to fund these renovations largely with a 95 or 100% LTV HELOC loan.After this, I get a little stuck and can’t quite wrap my head around things.If I can cash-out refi 80% at 525K is this true:Cash out $420k (525 * 80%), pay off the $410k loan ($360k conventional loan + $50k heloc), $10K cash for next down payment?

Originally posted by @Red Peterson:(I think Im unaware ignoring that bec i like the property a little too much).Tempted to offer above list price contingent to home inspection Do not fall in love with this place and get in over your head.

I had question that popped into my head when I was reading about house hacking.

Cosign what Joe said....nail on the head.

@Tim Delaney - Yes sir...thats the next direction i need to head...

I'm trying to gain Independent Brokerage Owner insights and thoughts to assist me in my marketing business.There are only two (2) questions, and honestly, whatever comes off of the top of your head is usually the best answer.1.)

I'm trying to gain Independent Brokerage Owner insights and thoughts to assist me in my marketing business.There are only two (2) questions, and honestly, whatever comes off of the top of your head is usually the best answer.1.)