I've had a chat with my realtor and really going over a game plan on how to tackle these properties.

They play this game because the guy has a criminal record so the woman applies for the apartment alone.  

Could someone please advise an actionable step or game plan I can follow to tap into my equity correctly (if that makes sense here) whether that's HELOC, Cash-Out or another strategy?

Tropicana Imploded Early This Morning: The historic Tropicana hotel and casino was demolished in a dramatic implosion, marking the end of an era.

Quote from @Matt Tortora: Fair point - but I will be partnering with someone who has good MF experience.If you are partnering with someone with experience in the game, your value to the equation is not equal.

The profit wasn't worth the remodel and sweat equity so we choose the long game and cash-flow. 

Decide which game you want to play.

Starting later in life is no problem—real estate is a long game, and the key is building the right foundation.

I’d love to share some insights that might help guide you as you build your business and investment strategy.Step 1: Focus on Building RelationshipsSince you’re new to the game, leverage your wife’s new license and start networking with local investors and realtors.

Does the sponsor have skin in the game?