Not to mention you're really at the mercy of the bank as they are supposed to be blind when choosing a qualified appraiser to prevent fraud.

One of the biggest problems I have in an apartment building I manage is damaged blinds from pets.

I'm fortunate enough to have a father who has been in real estate for the last 10 years, so I'm not flying into this totally blind.

Most inspectors turn a blind eye unless someone calls to complain.

And I go through the gamut of current and future upgrades/maintenance: tiling the kitchen floor (in progress), new windows come spring/summer, new blinds and curtains, and the few 'fix-it' things that need attending to.  

I have a new prospective tenant who is going to pay for her blind father's rent.

Some great responses, the tone im getting from everyone here is just stay blind, deaf, and dumb to the issue.I only ask here because iv had three separate instances where im sitting in my patrol vehicle and someone comes up and asks (why are you watching this place?

@Joel Owens @Ryan Jenks  just to add to the conversation from personal experience.I have two collogues that against my council  sold there perfectly good west coast multi's to try to scale up in units and go down in asset class.one bought C to probably D in Memphis rubbing their hands together at the 15 to 20 cap they were going to get.. they lost 400k in 18 months on it and could not exit quick enough.. only locals can handle those.the other sold her PDX 60 unit for a 5 cap made 700k... bought 300 unit C class in Oaklahoma city. because of the 10% cap being touted.. and after the managers and maintenance folks stole her blind guess were she had to move to. it was her entire net worth wrapped into that property.. 5 years later ( took her that long to stabilize and get decent enough books to exit for what she paid for it.) she sold moved back to PDX bought a 20 unit and condo on Maui  LOL...

I agree that there is not enough equity in the house to do a cash out, but a lot of the literature and research I had done indicated that was the best course I just couldn't make the numbers work and didn't want to blindly follow a system that may not apply to my specific situation. 

If yes, pay close attention ... again, understand the logic behind the statement rather than blindly believing and trying to follow the recommendation with no understanding of the fundamentals of WHY they are saying what they are saying.A vast majority of comments get filtered out at stage 1 or 2 :) Stage 3 is a good one for a healthy debate.