A popular strategy I've seen work is to scale with properties in the C locations and then slowly upgrade your portfolio into the nicer asset classes as you progress and become more cash flow heavy. 

I am in the Virgin Islands, also challenging to find lenders.  

With those numbers the refi is going to be good on the side of having some equity, the challenge like I mentioned is the Apprasier coming in and giving a number that may not support getting all your money out.

This is why Wears Valley is a popular request (I don't own there).

I run two big groups on fb and we have been bombarded by big pocket end buyers so closing big commercial deals 10M+ is not the challenge here. 

Challenges?

This is because the envelope of the home was not built to modern standards and making functional living area can be challenging unless you have a lot of real estate to work with.

Challenges?

Also, I’ve purchased occupied foreclosures in Connecticut and have managed the eviction process, which has been challenging but manageable.

I think FHA loans are still popular but if you can swing it the new 5% conventional rules are huge.