I've had an eviction in the past - relatively inexpensive, I don't recall the exact cost amount (I think it was around $1200) and took about 30-40 days.

If we refinance it we could cash out $150K and still have it make $100-200 in cashflow each month.That being said, how would you spend the money if you were relatively new?

I also set up the LLC and am in charge of all tracking, accounting, checking vendor work, tenant relations, two how’s, etc. he sends the money and bills and I do the rest.

@Tina Rubin as an occasional lender myself, I think the second option (new deal/property) sounds a little cleaner and more of the traditional lending scenario - if I’m understanding you correctly.Just make sure you have a good understanding of the higher rate you’ll be paying to the HML and make sure you can still make your numbers work with that higher payment amount.A hard money lender’s main concerns will be the value of the collateral relative to the loan amount (LTV), and whether your estimate of the project cost is accurate.The HML will definitely want you to bring a substantial amount to the table as a down payment to keep their LTV low (65-70% is common), so if you need to refi your current property to get those funds then that might be something you’ll need to look into.If it was me I’d probably stick with a traditional fixed loan on the first property and start out with a private/hard money loan on the second, until it’s rehabbed and stabilized, and then refi out with another bank loan.

The remainder of the land is relatively flat and has sewer installed to the back of the lot3.

Do not have them pay the part related to the meter reading dates, just the current charges, but also have them security deposit expected meter reading bills that won't come out until months after they leave and have them sign that that money will not be returned until after the bill for those readings are processed.

I work primarily in investor relations as well as number crunching to find good deals.  

Some people manage to negotiate a guarantee from the buyer that they will cover a certain amount of an appraisal gap.I would be more comfortable with comps now than I was 8 months ago. 8 months ago the market run up was still relatively new.  

An alternative to finding that steep of a discount relative to value would be to take on a hard money loan and bring that cash into a deal. 

It's difficult to replace fear, but can you relate using other emotions, such as excitement of the possibilities for your children to learn from you?