My experience has always been better with a local lender.With that said, I am reaching out to David Greene's The One Brokerage about a refinance.

I'm imagining something more like add a wall, turn a bedroom into a kitchen-living on one side and a formal dining room into a bedroom on the other side, maybe add a half bath in each unit.

The key to investing out of state is finding a good property manager.  

The easiest spot would probably be the dining room and change the office to more of a smaller dining area. 

How would you suggest going about finding a deal and managing it out of state.

Martin They get a bank loan, but most do not start out in MF, they start out in residential.

Main thing to watch out is DSCR Ratio.

If you expect to get every penny out of every deal you are going to be disappointed.

Start running numbers on potential deals to get more comfortable, and build out your team—like a CPA, property manager, and lenders.

Out of the four properties , there is one solid tenant, the other is struggling and the last two  properties are not renting.