It's not a natural posture, but I think you should get into this to disprove your initial optimism.

Y'all rock!

Purchase price: $260,000 Cash invested: $65,000 Beautiful and quiet upstairs unit with open floor plan and vaulted ceiling for RENT.Spacious 1 bed, 1 bath home, lots of storage and full-size laundry in unit.Large kitchen with natural light, Jack and Jill bathroom, private deck off living room.Large bedroom, park-like views.1 car detached garage and 1 dedicated parking space.

But like Dan mention on his duplex my ROE is dropping like a rock as the equity increases. 

How is it that we can be turned down for a $250,000 HELOC when we own our home (no mortgage) which is worth $550,000, a duplex we bought last year with $80,000 equity that's  worth $240,000 and a business that has been rock steady for almost 20 years?

I then rehabbed an old farmhouse using a contractor to put a basement under it and I then plumbed it completely, replaced wiring, sheet rock, windows and roof.

Just trying to point out there is in fact two sides of the story, and that it is usually the lack of money in the deal (nature of the numbers) that truly causes the problems.

Also, I am guessing the home was not connected for natural gas and that is why you decided to go with propane heat.

Everything is going to hinge on the nature of the part being rented and how your accountant has set it up.  

Higher down payment, naturally.