You don't think in either case, they would want some or all the money? 

Make sure each deal you improve parts or all of your process and you'll be able to find an efficient way to identify, qualify, finance, acquire, and manage your deals.Find a way to get your first deal with the resources and network you currently have and through experience you'll expand your knowledge, skills, resources, and network as you go.

My situation:* bought a SFH for $250k as my primary in Portland, OR in 2002* moved to LA in 2006 and turned it into a rental (the home is still in my name, not an LLC)* been renting in LA since my move* want to purchase a primary residenceThe plan:* refi my rental (I'm on an adjustable @ 5% right now)* cash out $150k @ 4% for 30 years (home is worth $550 now)* use part or all of the $150k for a down payment on a primary residence in CA or NV* secure a 30 year fixed rate mortgage on the new home* get back into a home of my ownAny issues with using a cash-out refi on an investment property for a down payment on a primary residence?

If it's inadequate, you could upgrade the service, add some circuits here and there and be in better shape from an operational standpoint.One thing I've found on some older homes is that the wire actually did have a ground conductor, it just wasn't used.

I actually really like the second option that Joe has proposed but more so than anything, check with your local state laws - follow your end of lease process (walkthrough, assess damages, etc) and figure out whether the full deposit will be returned, a portion will be retained or all of it will be retained based on damages.

If you don't want all of the tenants to leave immediately or all at once, I think your Realtor's advise should be brought up and challenged. 

I also am playing around with the idea of making a 3rd bedroom in one or all of them if possible as they have a lot of wasted space . 

They certainly cannot individually list all items that could be currently included in the rent or all discounts. 

If it's a multi-family and the units aren't metered for utilities separately, you'll likely have to cover some or all of those expenses. 

are there any weekly/monthly maintenance needed from owner or all maintenance can/should be done by tanents.