We did that the other year back.. we found a small community, bought 33 TH, started the HOA, instantly adding a million in equity in the process.

Or did you do it out of laziness, the illusion of instant gratification, or because a ton of clowns here choose bandit signs too?

So I do and instantly fell in love with it.

I eventually told him my #1 concern was taxes, and his ears perked up almost instantly. he said one comment to me that changed my life and set me down this rabbit hole of REI.

I was instantly excused of being unprofessional and heartless. 

The point of refinancing is to have instant equity to use as leverage on another project.

Initial mailing campains arent going to get the numbers you are looking for (Instant gratification).  

Near impossible to find any property that is $500k and rents for $4000 a month instantly... unless it is something with like 5 or 6 rooms that you rent out individually, newer house, good relatively in-city location.   

Try to go through this as soon as possible, it will kick start your knowledge (in case you're a beginner, I'm not sure):https://www.biggerpockets.com/real-estate-investin...I'm  also in the same situation as you, and I've been in "guru" classes, meetings, etc. and believe me, there's nothing they provide that you cannot get here for free (or a couple $100's), with such a great community in the forums, the podcast, the webinars and instant replies with a wealth of information.  

Is the smell a big enough problem to pass up that much of "instant equity"?