In MN and WI I would focus on cash flow, over the long term real estate goes up in value and you'll likely see some appreciation.

Refinance, new investment and sell primary: Refinance primary to get ~$50k out, find a separate cheap investment property that can cash flow (aim for under $250k purchase price so we can put 25% down), and then sell the primary at end of next year to get remaining equity out to use as a down payment for a new primary (assuming it will be about $80-$100k net with expected increase in value due to being in a hot neighborhood and purchase price of ~$500k, know it's less than 20% down)Considerations: I am expecting the next primary to be a place where we spend 4-5 years max (expecting significant increase in career based income after initial partnership buy in).

That is, if you survive the possibility of being shot, robbed, stabbed, having tools being stolen by either the neighborhood folks or your tenants.

I think most people would be surprised to learn that their house could/should easily quadruple in value by the time they pay off their mortgage.

Ok so here is the meat and potatoes: Multifamily is a fantastic tool for building wealth, it’s easier to manage and believe it or not people are flipping multifamily left and right currently!

BP has various tools and calculators available to help you analyze your deals (rental, flips, wholesale, etc.), feel free to use them: https://www.biggerpockets.com/investment-calculators 7.

Renometer and BP insights are great tools but if your looking for something quick and dirty, and free, I Ike to use the HUD Fair market rent numbers.This is published data by HUD to help section 8 and other voucher programs determine the maximum allowable rent for given markets across the country by bedroom count (1-4 beds).

@Scott S.Hey Scott- I would first recommend checking out XY Planning Network, they have a great filter tool where you can identify Fee-Only CFPs that specialize in working with real estate investors and those wanting to invest in real estate.

If it was a rent ready home then then you might have a harder time getting your HELOC funds back as there will be no significant increase in value.

Upon death, assets would step up in value.