i agree that a new purchase at 75% equity will typically not have significant cash flow and may even be negative when properly allocating for all expenses.Investing to max equity without reserves is risky and you indicate would result in stress.  

Studies typically cost $3,000–$5,000 but affordable DIY options (around $400–$500) exist for simpler properties.

The sales comparison approach is typically done for residential real estate and will be less appropriate and come in under value because there are no good comps, and even an appraisal using the income approach (unless the appraiser is trained to do more complex commercial appraisals) is probably not going to be the most accurate either because they typically use market cap rates and in this case you don’t have good comparable income properties to find the market cap for the analysis.  

@Austin TessMany lenders have a seasoning period (typically 6-12 months) before you can refinance.

As someone who runs a SEC qualified offering, reading your post and the comment:" redemptions won't resume until all distributions have been caught up"Typically, when redemptions are being withheld that is not a good sign.

.: I'll have to look into this I typically contribute the max to a IRA then do a backdoor conversion to a Roth IRA.

For us we all typically use 0% business credit cards to furnish the property which can amount to $40-$60k+ depending on how crazy you go. 

Do you typically reevaluate your current returns based on the net equity you have in your properties?

Many houses that have gas only have 100 amp service vs the 200 amp that is typical of all electric homes.

Rates can be very similar to those of conventional financing (Fannie/Freddie - full doc loans that you will need to prove income to get), but typically a little higher than conventional financing. 2nd - Networking and partnerships!