Conservative estimates before receiving a bid from a contractor, inspection report or appraisal:$16k cash out of pocket$80k purchase price$160k ARV$45k rehab (Houston flood house)30% cash on cash return ($415/mo net cash flow) 159% return on equity ($26k equity)My contractor went out and estimated $50k, which means my cash out of pocket goes up ~$5k, but i'm still pretty happy with the numbers. 

The re-fi's I'm considering are no cost re-fi options (FYI: no official appraisal on the property).Of course, I have interest in this as my personal home, but I'm also curious if this were an investment property what the best course of action would be to monetize the current "market" price of the property.

A large part depends on my goals, of course, which are as follows: to reach $5,000/mo net income from rental properties by 2018. 

@Jason Rector see also my post on https://www.biggerpockets.com/forums/48/topics/291707-macro-economic-policies-affecting-housing-prices   The question becomes how to monetize the information.

If awarded the tax credits I could monetize them and sell them to another company who has a high tax liability, in exchange I would be able to take the cash to pay for project construction costs or pay down a loan.

But I never enter into any investment without a good plan for how to monetize an illiquid investment.

If the seller really prefers a cash exit, another option he may consider is a Monetized Installment Sale.

This will elevate your stature as a professional and open up a lot more opportunities for you to monetize deals you can’t buy or wholesale.

I don't think an airBNB would be the best way to monetize in your neighborhood.  

At least I know what to avoid trying to do now.The authors of the books published by BiggerPockets are subject matter experts monetizing their know-how.The job market is constantly evolving.