However, the HOA fees are significantly affecting my cash flow by $600 per month should I rent it out.

I like starting in the Midwest because it's affordable and offers good cash flow.

You don't need to pay off the properties to cash in the from equity. 

Purchase price: $825,000 Cash invested: $41,250 May 2022: We bought a single family home with an ADU north of Boston in the town of Wakefield MA.

📚 Areas of Interest:Property Management: I’m fascinated by the art of keeping tenants happy, properties well-maintained, and cash flow steady.Investment Strategies: Let’s talk about flips, buy-and-hold, and creative financing.Community: I’m passionate about building a supportive real estate community.

Purchase price: $170,000 Cash invested: $32,000 I bought this as a duplex that used to be a triplex.

You buy it based on its current cash flow.

Even if your gross rental yield is (much) above the average, I'm not sure how high your cash flow is after expenses and mortgage payments, even with a 3 - 4.5% interest rate.

The equity she wants is $55,000, which I don't have in cash fully, but I own a home now with that in equity, and I have money in an IRA. 

If not, you will need cash so you will need to obtain a loan here.