I was recently introduced to a great alternative. 

Alternatively, I could just make a new closet a bit wider in the same place as the demolished one to make up for loss of depth and keep the space on the right of the closet.

So, you might find other opinions and strategies that would work from different perspectives.As for your last question – how do you get cashflow – here are a couple alternatives:- Find yourself a distressed house/owner and buy it at 50% FMV (unlikely, but possible).

They may be getting creative to get tenants out like cash for keys or a cheaper alternative.

@Michael Sueoka An alternative to the CAR forms is those from First Tuesday.

They're going to want a ton of documentation and you may end up with a worse interest rate.A hard money loan is an alternative, or some of the options Erickson mentioned.

Another alternative is to take a distribution, which would be subject to taxes/penalties and then buy real estate personally. 

I am a proponent of diversification and will always hold stocks, as well as RE, alternative investments and even some bonds.

Are you looking for a conventional mortgage (assuming you qualify for one) or are you looking for an alternative lender that can help you if you cannot qualify for a traditional conventional mortgage? 

Alternatively, I co-host a monthly multifamily event in the Waukesha area (WI Apartment Investor Meetup).