Up near Everett or Lake Stevens is there I think I'm going to find things in my budget that comply with those rules.

@Brie Schmidt discusses how budgeting could assist you with your $10k effort.Consider reviewing craigslist for your area as a resource to confirm available area rents, as does @Michele Bruce per her podcast.We don't give away fee to PMs for tenant sourcing or screening.You'll need a relationship with your tenant and it should begin before you agree to have them rent your place.Landlord work early in an investing career tends not to be an arms length effort.Be wary of trying to make it so for any stage.Yours is likely not really a question as to what to do with the equity you have in the home but more as to whether you want to be a landlord and whether your market is tenant rich.Good luck.

Ya know, in the age of "all things I touch shall be granite", I really enjoy seeing some low-budget / great outcome innovation.

Every single podcast has been entertaining and I learn so much.   

Exactly the reasons (flip tax, no condos, rent control, ....on and on) you couldn't pay me to even entertain such a deal.

Another we advised against a costly purchase by pointing out the monthly recurring costs and the stress that would put on his budget.

Getting your budget and property criteria down would help find a location.

The authors story of how he became who he is it at a young age is rather intriguing as well, the book does not touch apron it but entertaining side note.Millionaire Real Estate Investor by Gary Keller is fine read as well.

So be prepared to compensate an agent when figuring how much option consideration is needed.  3% + 3% is too much for me.I've never entertained active MLS listings as lead potential for LOs, but good to be thinking outside the box @Nghi Le.  

I am aware of PEAKs and will budget accordingly.