Investors typically want detailed financials and an agent can help you put together all these docs like rental history, expense reports, potential ROI projections, etc.

Quote from @Chad Verde: To clarify, $200k in equity so estimating cash out refi around $130kLike some wise advise here, this is not cash this is equity.

Get estimates for all repairs that are above fair wear and tear in advance. 

I'm an IT Consulting guy by day & RE investor by night so getting into the details of all of the technology offerings, how they integrate, which capabilities overlap/don't, where integrated value sits, etc. exposes my nerdiness/love for this kind of stuff.

I would be clear about the details of your project and what they are investing into.

To add-on to what @Russell Brazil detailed, there is some important life changes that can fast-track things. 

.🔴 Incomplete or disorganized documentation: Missing detailed plans, financial statements, or timelines could mean the borrower isn’t ready to execute the project successfully.🔴 Over-leveraged finances: Borrowers with excessive debt or insufficient personal capital invested in the deal could pose a greater risk of default.🔴 Questionable property comps: Overstated market values or inappropriate comparables may mean they’re inflating expectations.As always, thorough due diligence is your best protection.

Even if it is just a walkaround and not measuring anything; the contractor should be there if you are new to this to give you an estimate.. 

However, it's essential to fully comprehend the terms and conditions and carefully estimate cash flow, factoring in potential market fluctuations.FHA Loan and Work History:Waiting for another year to establish a two-year work history for better FHA loan approval terms is a patient strategy.

I'm preparing to send my first wave of direct mail in the next couple days (planning to buy the list on Saturday [600/700 or so] and yellow letters on Sunday) and I've sort of been ignoring the idea of doing direct mail "in-house" because I don't fully know the details.