I'm going to assume you and your husband are looking for long term wealth and cashflow, but I would recommend you both take some time to figure out exactly why you want to invest in real estate.

Population is exactly the same as it was when I was born and median income has stayed relatively stagnant. 

Then exactly like @Ashish Acharya said you do a cash out refinance (making sure that the cash out still leaves you positive NOI)  and take the extra equity and buy your next rental. 

Set aside something each month to cover for it when it does need repair or replacing.Hot water tank: 10-15 yrs max life, $650 if installing yourself, otherwise $800Furnace: also 10-15 yrs max life, $1500-$2000Roof: $7000-$17000+, depending on size and condition.  20-30 yrs max life.  

As condition of the Memphis sale he has asked that we also purchase his property in Toledo.

@Alex BekezaAlex, it may also surprise you that some mortgage companies are the exact opposite.

Student lifestyles and property conditions may not meet expectations for a family.

Because a house purchase is a significant investment in one's life, it is worth your while in having a title attorney to ensure clear title and smooth closing, along with a good inspector to assess the investment property's condition, a good realtor that will protect you with the contract, and, of course, a good mortgage broker if you need financing for your deal.   

I'm not exactly "new" to BiggerPockets but I've recently committed to being more involved, so I'd like to introduce myself.

.$60 per unit/month for Cash Flow doesn’t exactly get me excited.