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?

Total all in cost I am estimating to be about $1.1M.

The property value is estimated at $600K - $650K.There are clearly pros and cons to each side, but any strong feelings or advice from the group would be appreciated! 

Estimated Homeowners Insurance at $65.

There’s 275k mortgage left (VA loan) and the comps are selling around 400k-420k and Redfin/Zillow estimate it as 390k.

There’s 275k mortgage left (VA loan) and the comps are selling around 400k-420k and Redfin/Zillow estimate it as 390k.

What is the estimated ARV after all of the cash you invested in it?

One area that I think I need to improve upon is estimating the monthly rent for a potential property.

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?

I bought both properties all cash for $55k, I put $25k in front building and I estimated $100k in rear building.