The type matters and their plan on acquisition and exit strategy.  

But once its sold, its certainly not making you any more money.You'll get a more favorable rate by doing a reduced leverage refinance, but almost every lender will put some kind of a prepayment penalty on there (usually ranging 3-5 years), so you won't be able to really "pull" from the equity consistently without incurring some financial implications, so it really does depend on what you are looking to do next.

To find the plan that best suits your financial condition and investing goals, investigate both private money and house flipping choices.

Hi Lamar,  Acquiring rental properties can be a rewarding venture, but it's important to approach it with careful planning and consideration.

We're planning to replace our galvanized pipe with copper this summer.

Mind providing more clarity on the asset you are purchasing and the overall business plan with making it perform? 

I’m planning to buy an investment home that is already rented.

They did give you info that they love your place, plan to stay forever, and accordingly you should increase the rent $250 per month if allowed by your local laws for the aggravation of dealing with them. 

Its fine - but when we enter in expenses into financials we have to also come back and put them in the project managements tool.

My thought is to approach her by saying that my original plan was to purchase the property and convert her unit into Section 8 so that I could get the $3,200/month rent -- but since she's a long term tenant, I would be willing to forego that plan and tell her she can pay $3k/month to stay.What are your thoughts?