It took a little longer than the rest of the city, but it recovered.  

It will take a long time to recover the expense (~$5k average cost) but I'm still glad I did it as it may allow me to obtain better tenants or keep them longer.  

= Both, plus an additional one...4)  We must recover enough of our original cash back within the first refinance (2 months) to move it into the next property.

Now we all know the best time to make money and really get ahead is a recovering market, but what about the year +/- while the market is falling from it's peak to the valley?

Could be the condition of the property and the capital needed to actually recover any advances made.  

That recovers your $20,000 investment plus a $10,000 profit.

They have lawyers on staff just to recover the payment.

Thanks to reading material on BP, I'm renting out the condo from 2013 - 2016 to some ideal long-term tenants, and make about $100 in positive cashflow every month (my primary purpose was just to have them cover the condo mortgage + insurance + property taxes + HOA dues + maintenance costs until the condo appreciated enough with the recovering market to sell for a profit).

The depreciation amount has to be recovered when the work is done.  

With real estate recovering will you be able to sustain rent prices where they are?