I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

If I do not desire the tenant or he does not want the increased rent I look for a new tenant for the rehabbed unit.  6) I move into the not rehabbed unit and start rehabbing it.  7) when I am done rehabbing it I refinance it pulling out hopefully all of my invested money (using contractors I usually get my down and part of my rehab cost but if you are doing much of the work yourself I think you may be able to get out all of your invested money 8) Use all that knowledge you have obtained to do it again with less mistakes trying for that homerun investment (I think most experienced So Cal RE investors have the Homerun deal: the type of deal you can potentially retire on).Here is also something you may not know: Commercial RE loans (5+ units) are more based on the numbers of the property than the numbers of the investor. 

I met with prospective managers from my current employer to discuss transfers and such.

Given this, how do I best utilize my existing equity to obtain the cash needed to finance my next opportunity  ?  

@Ray send me a pm and we can get together and discuss.   

I plan on obtaining my salesperson license sometime this year, but I would like to start wholesaling before I dive into being an agent. 

Also, I would keep the fact that you are a ex-felon out of the discussion unless it's necessary.

You will find a lot of good information about people discussing what works for them. 

The best will also discuss with their investors their strategies and certainly accept input. 

When discussing it on the phone (I asked why this costs so much if that's just a patch work), they said this is going to be the full repaint, not just a touch up.I see several issues with the work done (they sent me the photos).