The property I own now has roughly 30k of equity in it with an interest rate of 5.8% I guess my main question is do I tap into the equity of my home to try and do this flip?

Are DSCR usually fixed rates?

If you took a $100,000 loan at a 8% interest rate, you would owe a total of $8,000 in interest.

I too echo the sentiment about the high turnover rate.

@Chris Strandburg Our properties are renting out for 50% above long term rates on average.

I'm of course bias, but I grew up in NorCal, went to school in SoCal, and ended up in Reno, NV to invest. 

In the current market you may find the third R as the most difficult with current home values and interest rates, but it is not impossible!  

Rates are high, prices are high. 

Net income = $39,240Monthly operating expenses are as follows: Trash - $33, Landscaping/yard - $66, Electric - tenants pay, Water - $95, Maintenance $87Monthly taxes about 3KSo, gross expenses are at $41,064If I'm doing the calculations correctly, my net operating income is -$21,888 and cap rate is -3.4%.Obviously the current numbers look terrible for this investment, but I feel like the rent should be raised significantly based on comps (above 2K each unit). 

The rates are competitive, but they require a larger down payment, usually around 50%, but your client could get in a great 3 fam in Bushwick, Bed Stuy, etc.