I really would like an app or site that allows you to compile a list of properties with notes on the spot, and bonus points if it pulls up any info on the property as well. 

If its a direct lender, you might be able to pull off a 10 day close if its a smaller lender that has very quick underwriting turn times.

At some point in the next few years you might consider a cash out refinance to pull some of the equity out, but obviously wait until rates are a little lower.

Lots of folks are pulling out cash based on the appraised value for their next projects and holding for a few years to benefit from appreciation. 

Fixtures and HardwareScope of Work:Replace all interior and exterior lighting fixturesUpdate door handles, cabinet pulls, and faucets to match modern designInstall ceiling fans in bedroomsEstimated Cost: $8,0006.

Pull your tenant-landlord laws for your area and arm yourself with as much education as you can about being a first time landlord. 

How would we go about pulling our cash out of the deal if we went with option two?

So brainstorm the different options then pull the trigger!

However, at some point, you might get in an accident, or pulled over and found out. 

That's a small pool to pull candidates from.