How about refinancing it and pulling that extra 30% value out of it?

If this was formerly a farm, it is not unheard of for farmers to grab some extra income by allowing dumping on the back 40 or for there to be pesticides.

In a couple of cases I took out the old  kitchen cabinets from SFH rehabs & moved them to a multi we were rehabbing & got an extra $200-$250/month in rents after the kitchen & bath rehab.In 2005 I had one investor friend take a 1980's low efficiency furnace & is still using it in one of his rental.

However, I still work if I need extra income or want to learn something new)Best of success,Sam

My family and I met him a few days ago to look at a fixer upper with a garage that has been converted into an extra living space and half bath.

If you take this deal, you it's an opportunity to save $500/mo compared to your current situation - What does that extra $500/mo do for you in terms of your long term investing goals? 

If you don't have significant other assets to protect, it's just extra cost and work.

@Mysonne Johnson, I'm an investor in NY, getting my license because:I get to dig into the treasure trove called the MLS, having an in-depth look in there beats any property cards being handed down to me by a third party, my analysis is sharper and I can easily pivot without having to go and bother anybody for 25 more different types of searches.When I have a property to sell, aka post rehab, I save my bottom line an extra 3%, that's not small money considering the cost of inventory in NY.its a very small price to pay for a serious investor.

Borrower should also cover your processing fees for having your attorney draft the docs and a lender's title insurance policy.In my past, I've loaned money to friends that were rehabbers and never required title insurance or charged them extra for processing.

This is a very common strategy with the streamline refi, which can be great for investors or anyone looking for extra working capital, because without doing a cash out refi, you can put a little extra cash in your pocket by adding it to the mortgage principal at a very low interest rate.