The profits however may justify such undertakings though.

And last point - the only concern that I have with refi'ing is that in MD (specifically Baltimore) we have to pay transfer and redecoration tax on re-fis to the tune of 2.5% for investment property.

It's clear you don't understand the scope of the undertaking.

No matter what advice is given remember that not everyone will succeed as in any other undertaking.

@Ben Chapman Cap rate along won't tell you whether the deal is good enough to undertake.

Happy to provide more details / but just wanted some advice and seems like a really good opportunity but is it too much for one / two person undertaking?  

Their downpayment cannot be financed/borrowed.Your most straight forward option is to simply sell the home and let the prospective buyer concern his/herself with how they finance the purchase.Alternatively you could undertake an instalment sale, or a lease plus purchase option (allowing the tenant buyer to rent until they have saved a downpayment and can finance) .  

We have a bit of an advantage because we’ve done so many of these that our docs are fairly standard so the changes from one deal to the next aren’t a massive undertaking.

I've also has the thought to maybe build 2 3 bd 2 bath attached units in back and then convert the main home back to SFR (cutting out the old door space that once combined the units shouldn't be a huge undertaking).

@Calvin LinThink of your question from a passive investor point of view: would LP entrust money to someone to invest into an undertaking that they've never done before?!