Year 1 is probably a loss though so that is something to consider.

I would imagine the bigger loan origination companies out there who underwrite like robots because they are lining up the sale before closing  will be the exception and require those docs up front. 

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

All cash costs, and negative CF is a loss, must be recovered before you can make a profit. 

If you can hold on till first part of January the showings and everything else should pickup.This would be my action items: 1. hire a new agent that can sell the place, and get you numbers are rent and selling and sell the place. 2. be honest on the numbers you can get on an ARV so that you can sell it 3. start to get the conversation started with a couple lenders on what these numbers on refi would look like for you and this property 4. my suggestion would be to refi/rent before selling at a loss because if numbers work you can hold for a couple years then sell, but this is dependent on your cash position and liquidity of your situation. 

Adding value and sweat equity to the homes we occupied was the only way we could afford the bigger properties we needed.

I used Stacey Lancaster (she's pretty active on Bigger Pockets) and she was fantastic. 10/10 would recommend to a friend.

Think bigger. $5k is a lot, but don’t let this one hiccup slow down your momentum for adding properties.

Have you posted it on bigger pockets marketplace?

You can contact him here on Bigger Pockets if needs be.