Whichever way you go, do your own taxes or get a CPA, make sure you have a good bookkeeping system for each rental and I'd recommend getting a business checking account - when I had my rental income and expenses mixed in with my personal account, it took a long time to sort through which was personal and business (rentals) with pages of bank statements. 

All you're doing is transfering cash from your bank account to the property. 

I would check with more local banks, as that is probably your best option.

@Jamie Banks and I have recently launched a virtual meetup for MTR operators called The MTR Connect.

Quote from @Jamie Banks: I'm not familiar with the market but I've operated MTRs in a few different markets.

@Jesse Dominguez-Castelan you could get in touch with a local bank in that town and explain to them exactly what you just did here and ask them if they have a product that might help you accomplish both the buyout and the renovations.

Examples of liquid assets that can be used for a contingency fund include:Cash in a bank or savings accountStock or bond investmentsCash value of an insurance depositMoney in a 401K, IRA, or other retirement savings accountCertificates of depositLet’s say your monthly payment for a mortgage is $1,500.

I would call some local, investor friendly banks and see if you can get a cash out refinance at 80 value.

Honestly, big banks have terrible rates on mortgage.Work with a broker, they are your best bet; pricing beats big banks 9 times out of 10.

These are homes that have been foreclosed on and are now owned by the bank.