Mind you I had no idea that this entire transaction had taken place until I spoke with Jane at that moment.The property at Rock St. isn't exactly rent ready; The Property manager knew this, and brought it to my attention and sent me estimates of repair so I had been shopping around for bids to get the place fixed up as I normally do.The details of the transaction with Jane and Bob have now come to my attention via Jane (not Bob who should have informed me long before any of this had taken affect).Bob claims that a lease was signed or agreed upon (at least verbally) for a discounted rent amount under the understanding that Jane would do some or all of the repairs.

It's most likely that the moisture (water vapor) causing mold on the surface of the walls was there and did not penetrate into the wall cavity.

This can eat up some or all of the cash flow.

On the other hand, I do not fully know the laws in my state or all the options that are available to wholesale here.

Do you want to specialize in rehabs, nice homes, homes on land, in parks, whole parks, senior parks, must be moved homes, other types, or all of the above??

So tenants get window units, smaller in size for $400.00 instead of $700.00 stick it in the cavity.

Closing costs can be rolled into the loan by the lender with higher IR, or all/ part closing paid by seller.  

My advice is always to learn as much as possible about what it takes to rehab property and just take it from there; even if you don't intend to do any or all of the work yourself, it will help you out immensely when dealing with contractors and when assessing properties you may want to buy.

When you're having a cavity filled the dentist doesn't start filling until he's dug out all the decay and sometimes it becomes necessary to remove the entire tooth. 

(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?