Especially with fast-food...while many argue KFC and McDonalds will never go out, what if they do?

@Mitch P.Yes, you can cash out for the full amount of LTV that the lender requires - some require 75% and some allow 80% - also, a lender that allowed 80% may require 75% on another deal if your personal situation changes - debt to income, etc.The deals are out there - I am constantly on HAR looking at my target neighborhoods - I also have automatic notifications set up when a new property comes on the market that meets my criteria.

Finally, contacting some of the providers who regularly provide information here can really fast track some of your due diligence and allow feedback to be tailored to your situation.

Then you can always go change the combo at your convenience.  

Also, you need to be aware that if you continuously accept partial rent, say 3-4 months in a row, you may tacitly change the due date of the rent based on the arrangement, which could ruin an eviction if you demand the full amount based on the written rental agreement grace period.

I can't change my Property manager's way of doing business, but I can change who I hire to manager my nest egg.

Unless there was a recent change I think you are correct.  

Trying to rehab and sell in a year seems like doing too much too fast.

Replacing roof, HVAC, water heaters, etc. can certainly change the math quickly on a $100k property.That said, if its currently rented you can assume the plumbing and electrical systems are at least functional.  

The biggest drawback is the potential life style change but if you and your wife are willing to make the sacrifices, there is some money to be made.