Talk to your preferred lenders about whether they see a cash our re-fi as being approved with the same standards as an investment, i.e. loan to value, debt coverage ratio, etc.

To maintain your current standard of living, your rental income must increase faster than inflation.

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You may also have to get your "hands dirty" in order to make these properties look nice or up to your standards. 

Two wage earners are going to have an easier time making rent than a family where there is only one paycheck, depending on how high such paychecks are, and in both cases you would look at the total household income.Stick to your guns on what you said you wanted, but when you are not in the heat of the situation reevaluate your standards to make sure they are still serving you well. 

Define and Standardize Core Business ProcessesA scalable business requires well-documented and repeatable processes to ensure consistency, quality, and efficiency as you grow.

These capital gains are taxable income at the standard tax bracket ranges.Long-term capital gains: Property assets you hold for 12 months or more before selling.

This property you are looking at is either a bad deal or is standard. 

Or try the reverse - rehab a property to Class A standards in a Class D neighborhood and try to get a Class A or B tenant to rent it.Unfortunately, many newbie real estate investors are jumping into buying affordable Class C rentals - expecting Class A results.

If this was a standard contract in PA, seems like the Seller is in default of the contract on many levels.