I don't have the capital to replace the HVAC at this time or the credit to finance it.

Tell the lender you want a construction loan online of credit.  

You can do a duplex though, which might not be a bad idea.With your credit score, conventional might be a good choice, you only need 5% down for 2-4 units if you live in one. 

Since I will be managing it after purchase, you can be certain I'm not going to sell you a bad investment.

Instead, it works like a credit and goes toward some of your upfront costs.

Sounds like they are dumping a bad 1031 property into a REIT and spreading the financial burden upon existing REIT members. 

-> Sierra west-> Bad schools,builders ready to negotiate, rents are not that greatAny advices, pointers on this .Thanks

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

-Max LTARV is typically 75% -Is a 12-24 Month Interest-only loan with a balloon payment - Minimum credit score is typically 600 -Interest on the Rehab is usually paid per the total drawn amount. 

Most of the bad noise right now is about downtown skyscrapers and REIT or Syndication apartment complexes where they played short term versus long term interest rates wrong.