I plan on the next investment to cover the increased mortgage payment and would like to continue to use the equity to accumulate more properties.

I have tossed the idea of doing a flip or 2 for the capital increase so when I do jump in my entire savings will not be held up. most duplexes I have looked at show anywhere from a 5%-9% Cap rate.Also to add some info, I'm not looking to get rich overnight. anything with 120+ a month income per door is just fine with me.

I’ve heard opinions from both sides, but wouldn’t mind additional feedback in light of current increasing interest rate environment.

Like everything it gets easier as you go along, and for many people the increased risk is worth the potential for increased reward.The upside of turnkey is that there is very little work involved after the initial due diligence you do to select your provider.

Yardi says home prices are likely to increase.

Economy is roaring, means there are ways to increase salary.

If so, is the increase a lot or is it negligible?

As the economy and consumer confidence continues to improve, rates will increase. 

My thought process being that using a balloon payment that is amortized over 30 years will greatly increase my cash flow without crippling my capital and ability to invest in another property. 

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.