Quote from @Michael Nelson: I have a few deals coming down the pipeline and want to free up as much capital as possible.senario property appraised value 430,000amount still owed 220,000 Hi Michael, You have so many options in this scenario, especially locally in CT.

The only caveat with that though is that local tax can be especially tricky for professionals to navigate as many don't even know that they exist given that they only exist in a few states for income tax.

Send me a message and we can schedule a short phone call and I answer any general questions you have and hopefully get you going.Another option is go to one of your local auctions and talk to people bidding on properties.

For local specifics, I would recommend starting with the Arizona Landlord Tenant Act.

Consider semi-furnishing the space to increase room rental costs and also contact your local university/college housing department, they typically provide students with resources for off-campus housing and you could plug yourself in there. 

The attorney can also then assist you with creating the following compliant with all federal, state and local laws:1) Rental Application2) Lease & Pet Addendum3) Renewal documents4) Nonpayment Warning Letters5) Eviction Letters & Notices6) Legal Entry Notices7) Security Deposit & Release of Liability Letters8) Vendor Contracts with insurance and other requirements9) MoveIn & MoveOut Procedures to Share with Tenants10) Etc.Hope this helps!

The property has walking access to local parks with playground as well as nature walks.

I am open to both local and long distance as well.

If you are buying new construction, from a major builder (you know, where they pour foundation on Monday, and framing starts on Tuesday) then I would be concerned.Lead paint, for me, has never been an issue (but worth knowing your locality's policy).  

Repeating myself here, but simply trying to be helpful :) A local Realtor or property manager would be able to advise best.