@Aaron AndersonIf you have $60k equity in it, why not get the best of both worlds?

I own the house out right and was thinking that I could fix, rent and then pull out the equity for purchasing another home.

If I have a rental property with a mortgage on it and about 20% equity in the property, would I be able to refinance and pull cash out ?

Is there any equity there?

My question is, when you find something like this, and you don't have the funding ability(I work at a school and have TRS not a 401k, so I cannot take a loan out against it, nor do I have 20% down, but I have about 60k in equity in my home, but the lenders I have talked to will not do a HELOC in my state, point is I can flip, but not buy and hold with my own financing) and you need a partner on the deal, how do you protect yourself from telling them about the property and them just taking it?  

Other than that, you'll have to either pay down the mortgage and refinance again, or try to raise that rent to make the cash flow positive.

I'm looking to  cash out, of course with a line position to the lender at 60 to 80 percent of appraised value.

Why rent has several reasons to be great and not just the money or the renters  position.

It's currently rented out but isn't producing any positive cash flow, I am breaking even with it.

But one we rehabbed/flipped for +$80k net, and the other is a fantastic town home site overlooking downtown that I'll either develop myself or flip to a builder for $40k or so net (we've currently got the existing structure rented to be cash flow positive and bide us some time during the redemption period to decide).