I’d start by talking with a lender to see the best way to access your equity, whether that’s a HELOC, cash-out refinance, or another option.From a tax perspective, if you do turn your home into a rental, you could deduct mortgage interest, property taxes, and rental-related expenses, take depreciation on the property, and deduct costs for repairs and improvements.If you decide to tap into your equity to buy a rental property, the key is that the interest is only deductible if the funds are used for investment purposes, like purchasing or improving a rental property.

Look for FTPR (failure to pay rent )  criminal convictions , lawsuits , etc . 

I pay all utilities. 

The property is simply the container the tenant pays to occupy.For over 17 years, we’ve focused on tenants who can afford $1,800–$2,300/month in rent.

You did not provide any information that could estimate taxes and insurance, but to be cashflow positive, you are probably going to need to rent each side for $2,500 per month.  

You already know the insurance and property taxes as you’re already paying them before the refinance.

Otherwise the seller is paying state and federal income tax on the $800k sales prices while only collecting $400k.  

It's doubtful you will have the cashflow to pay off the loan quickly. 

Commonly used in commercial real estate valuation.Ignores debt service, taxes, and capex.

They pay the $75 late fee and I accept they are late every month.