Obviously, on paper, I would much rather keep the home and rent it out having such great equity and an amazing rate. 

The small extra investment of time/money in cleaning everything between stays (even swapping out a shower curtain for example) is worth the positive reviews/referrals you will receive from happy guests!

I can get you some options on tapping into the equity of those properties.

As far as HELOCs go… correct me if I’m wrong but you can only get a credit line based on the equity we have in the home right?

Also, we have more and more people working in Asheville while living in Waynesville, which seems to make it a better equity play than Maggie as well (i.e., for resale, you can hope to have owner occupant buyers as well).

The one thing that would be an unrepairable negative for me is something that you actually mentioned as a positive: the K-5 school across the street.

I see a lot of positive posts about the application, so maybe I'm missing something? 

Hi Rose- Few things to note about buying an investment property.1) Expect to be putting down 25%, as this is most lender's required downpayment on "investment" properties.2) You likely won't be cashflow positive unless you are putting >50% down, OR are buying in a C-class or worse neighborhood.3) Starting out with a condo or townhouse could be a great idea if you're just looking to get your feet wet with landlording- It is less maintenance than SFH or MFH, and you will gain invaluable experience managing a tenant.Aside from the financial challenges, I think it's great that you have the mindset to grow your portfolio.

I am also skilled in painting, woodworking, restoring, installing fixtures, ect, so I'd be doing a lot of sweat equity myself.

Is it simply that the amount of capital each LP invests is proportional to the overall equity split?