What needs to be done...As of right now this property needs some work in order to get it into proper rental condition.CENTRAL AIR ( I'd like to get rid of all window units )REPAINT ( to a more neutral color, another words NOT PINK )REHAB ONE OF THE BATHROOMS COMPLETELY ( Average size restroom )I would like to do a cash out refinance on this property and take out 80% of the appraisal value in order to cover expenses for the updates to the property and to have some capital to invest in another single family home or possibly get into flipping with my family.Again i'd really appreciate feedback!

Close to the pink line?

there is no free lunch.. end of that discussion.. its the same when you see the lady in the Pink Mary Kay Cadillac or the 5 Linx BMW or Bentlyyes its real but only for a very few..Real estate takes time know how money and skill.. to really do it well.there is NO system or anything else you can buy and you sit and at home and get rich.

Here is one example:I bought a 4 plex out in Spokane WA with seller financing which my daughter nicknamed "The Pink House" (it was an old Victorian house painted pink with green trim).  

That being said, most of the prospects I see are simply older homes that have not been updated for a long time, they typically have things like wood paneling, pink tile in the bathrooms and wallpaper.

He and wife, both artists, are handy people (which remains to be seen) and wish to decorate, renovate the home - the current home is a 60s art deco style home and have not had a major upgrade (think pink and blue tiles in the bathroom).He does not want to risk my selling the home next year to someone else and the lease expires, nor me raising rent or wanting to rent to someone else.

Essentially it's the same as taking a $100 suitcase & filling it with $50,000 of cocaine & then selling the suitcase to someone for $50,000.

Here in California you have a better chance of finding a mythical pink unicorn.

If someone were to ever be able to offer that loan product and tell me they would do 20 properties under those terms, I would be TICKLED PINK!  

A 1960's pink bathroom may be old , but if everything is in good shape its a non issue .