HUD/equal housing, discrimination, disclosures, contract law, etc.).  

Why not use that equity and cash to purchase an investment property equal to your current home?  

Hardwood flooring in common areas.Stove and refrigerator provided in unit.Requirements:Fully completed applicationNo FeloniesCredit and Background checkMonthly income to equal 3 times the rent.Satisfactory references from prior Landlord.1st months rent and Security Deposit equal to one months rent due at lease signing.Thanks for any advice!

The buildings value does not equal the property value because the building sits on land and that land also has value.

The smell equals that of underwear that has been worn for 2 weeks straight in 90 degree heat with a constant Taco Bell diet.

If your cost plus repairs, holding costs, and closing costs all end up equalling the value of the house, then you might as well have just paid retail value for regular fixed up property.

Lower price points do not necessarily equal cheaper projects especially when entering a market you do not have a solid grasp of.  

Cap rate is yearly net operating income dived by purchase price.Net operating income equals gross income minus expenses before debt service.

In addition to the property qualifying, the sponsorship group needs to qualify through experience (at least 1 year of prior multifamily ownership experience or Fannie Mae/Freddie Mac experience) and balance sheet (net worth equal to or greater than loan amount and post close liquidity of at least 10% of the loan amount).  

I would caution that if the tenants are splitting equally, and one begins to feel that the other is not being efficient, you might start to have squabbles.