You can then put that towards you new place or another property in your new area.You can also look at the new FHA 5% down loan for your next place.

The most common strategy is to use the existing equity to put into another downpayment and buy another property - this provides an effective use of leverage as you are expanding your portfolio.

@Landon HaleEven though you have a w2 (there are all sorts), how many hours do you put in doing what? 

At the same time though, we'd like to compartmentalize the liabilities of these assets by putting them each into their own LLC.

No DTIs...It would not work for an owner occupied like the duplex you are looking to house hack, but if you are moving out of your current residence and putting renters in then a DSCR might be a good option for you. 

I am putting a 3rd floor on and already have my zoning permits and waiting on construction plans.

If you are going to tie up your capital on something this small as a TOH park you should require a higher CAP rate of 10-15%.  10% cap puts you at $77k; 15% puts you at 51k. 

Thanks @Michael for putting that together.

When I'm evicting tenants from a unit, I always put the tenant's name and the words "and all others".

I would wait till you have 5% to put down on the new place and keep both as rentals without doing anything to them.