I think it's an ill-posed question...and I'm not sure how anyone can meaningfully answer it for you...Which are you going to have to do to sell the house at the ARV you're targeting?  

Both had previously fallen out of contract due to meaningful foundation issues, so I had a high degree of confidence that I could negotiate pricing down based on estimates from contractors.

If you are extracting the money for a new investment, then of course the calculation is a lot different.Given that you have rental properties, you want to be sure that you have enough income source to qualify for the refi.Generally speaking it makes sense to refi a 1st and 2nd (especially given the size of your 2nd) into a single loan.Please PM me if I can answer additional questions.Upen PatelMortgage Banker

It takes time to build meaningful relationships but they will continue to reward you throughout your career.

If you buy right and build equity through an effective rehab, you could then refinance into a conventional loan extracting any equity beyond that needed to maintain 80% LTV (no more PMI).

Use repels-all for the mice (coyote extract) they will leave on there own.

You can get a jump on things while you're still serving.It's going to be hard to get a lot of meaningful experience while still serving, but you should be able to gain some ground even if you just observe and ask questions.  

As a way to extract capital for the business we sell the property and with the original client signing a long term lease as to provide a bond like investment for the purchaser.

Out of state investors need to make sure they have a good support team, and have meaningful relationships with locals.

I'm looking for the highest LTV I can extract from this property after completing the rehab.