That is why I like to sell commercial for the fat commission but like hold residential for my passive income portfolio.  

Use the money for some additional projects and keep building that equity pool until you've got a fat 1M commercial line of credit to play with :) Unless you absolutely plan on spending every dollar of that REFI money on primo rentals that you really want- not just stuff you're buying to put the money to use.

So instead of a fat upfront payment, I'd want my TK provider to take the same risks I am, that is, his work gets him a piece of the equity, not an upfront fee.

But, as we all know, the real gold mine truly is for all you fat cat Turnkey Providers!

If its the original 4 to 6" red clay pipe its very likely you have root intrusion every 4 linear feet at the joint.Yes you may have collapsed pipe or fittings.If you lucky you may only need what is called a "point repair".If you got original clay pipe its time to think about  replacing it with black ABS plastic pipe,cast iron or PE polyurethane trenchless pipe.Youll see a world of difference and no more phone calls from angry tenants.The plumber will use a pipe camera with a built in transmitter to see and locate the exact problem area,then they dig things up,cut out minimum concrete remove and replace bad pipe and fittings ,replace and finish concrete ,test and inspect again with video camera.How much work is needed is anyones guess especially in an older property.If you are on a septic your drainlines MUST be in perfect order ,,,if you are on city sewer,,not so much.On the grease issue there is a great product called Bio Clean which is a grain based enzyme which works great but you must use it once a week ongoing.Of course if you get the cooperation of your tenant to isolate any grease or fat and put in a plastic bag freeze it and throw it  in the trash you are miles ahead.Tell them if they do that they wont have any more of this kind of inconvenience.You can only get Bio Clean from a licensed plumber.Hope this helps and let me know your outcome.Dave DoyleLos Angeles

If I can plan to mitigate for the "fat tail" or "black swan" events then I can do much better than others when those events come and avoid the regression to zero.I am not a gloomer, I just think that some things are inevitable unless something happens (was that a Yogi Berra?)

He is more than 3X my price per night, is by fat the most expensive STR in town and has 3X the bookings of any of us. 

Hell, since you know you're refinancing anyways in this scenario, you may even want to ask your local FNMA direct no overlays lender how fat of a lender credit you'd get for a ridiculously high 5% interest rate.

In both instances, the repair person came out just 1 time (2 for the water heater), fixed the problem and my stress level was a big fat zero....just the way I like it.  

Fat chance!