For a no-cash-out refinance I'd say you're looking at a LTV of about 50 to 70% depending on your qualifications.

This could fall under a 'no smoking' clause if you have one in the lease, but if they have a card, it may not be enforceable as it is a 'medical treatment'.

Over the last 2 years it's been a no-hassle rental.

I think the degree has helped me immensely, but getting a college education was always a no question for me.

If the numbers don't work, make your best offer and be prepared for a "no".If you do make a $70K offer and expect them to seriously negotiate with you after that, they won't in most cases.

I'd have to pay 5-6k to get the cash back out or add that cost into the new loan if it's a "no closing cost" refi.Does this strategy factor in the closing cost for Cash Out?

If you do as the builder did above and backfill with compacted suitable soil, then it's likely that the basement slab may not need anything special to support it and so a basement was a no brainier. 

Given the facts that (1) I could get into a property for a measly 3.5% down, which would free up cash to invest in other places if I so chose, (2) I was already throwing away rent every month such that I could still be cash flow negative of $650/month (what I was paying in rent) and still be better off because a portion of my monthly payment would be building my equity and the rest would be tax deductible, and (3) I’m in my 20s and have the time to take a long-term view of appreciation potential, it was a no-brainer to go the FHA 4-plex route in Los Angeles, despite the fact that it is one of the most expensive markets in the country.One thing to keep in mind when looking for an FHA owner-occupied triplex or fourplex is that 85% of the market rents on all four units need to cover your monthly payment (principal, interest, taxes, insurance, and mortgage insurance).

Based on the info given it is a No brainier!

I said must be or else - - and tenured my two weeks notice.What other options are there if HD is a no go?