When you do it for one location write out each step on a sheet of paper so that when you are done you have step-by-step instructions that you are going to use to go over to Fiverr.com and hire somebody to do it or all the other locations. 

People who have been doing this for years can deploy $200K here and $200K there (or all cash if they do fewer deals) and it's a drop in the bucket, so no biggie if they make a mistake.

(But at a higher interest rate) In the worst case scenario if the market were to correct and the value drops (similar to the 2008 crash), what are the repercussions or consequences of having spent some or all of that cash from the refi out?

I see them as a long term "garbage disposal", a money waster, I'd see if you can get at least 1/2 or all if you can get it, from the person who wants it and then see if it lowers your insurance. 

Either season the money for 3 months (so the banks won't know where it came from), or get into a deal using entirely either the private money or with the private lender providing some (or all) of the down payment and then refinance it out later. 

Think about having an all guy or all girl house or girl bath and guy bath.

There is video online of the oral argument, for example here: https://www.youtube.com/watch?

The problem is likely inadequate supply plumbing or some other restriction. 

You don't want all junk food, all liquor or all vegetables.  

@Bobby HughesIf you are self-employed at least on a part-time basis you can explore opening a self-directed solo 401k, transfer some or all of your former employer 401k plan and then invest the funds in physical real estate.