The equity is actually what you are paying for the property.In this case let's look at the numbers that count,...the current numbers.You have about $500k or more in equity, which is buying you a property that's worth about $700k (I went with the lower PV. 

Here's a breakdown to consider:Cleveland: @Zeke Liston You're right, Cleveland often boasts lower purchase prices, making entry easier.

For a tenant who has only lived there for a year, the expectations for normal wear and tear are lower.

In decades past, carriers were allowing people to carrier lower limits of insurance on their properties. 

The lower the score, the higher the risk and the more we charge for a deposit.

You'll get a feel for the age of the neighborhoods, the vitality of the commercial buildings, the ease of location, the closeness to jobs.The markets you're describing are more linear, and usually have lower capital appreciation.

Thus, your profit margin is lower (than the all-cash offer), but your ROI is higher.Savvy or more experienced investors may have access to Private Money.

Again you can buy more properties in lower asset class area, but it's less efficient.There are many threads about appreciation, so i won't repeat it here, but my guidance to you is to think through the difference between appreciation and inflation. 

Roth IRA contributions can be withdrawn tax-free, but earnings may be subject to income tax and penalties unless the account has been held for five years and you're 59½ or older.Instead, consider rolling over your IRA into a solo 401(k) if you're self-employed, allowing you to borrow up to $50,000 or 50% of the account balance, whichever is lower.

Are there any options for lower down payment loans in general or even for college students?