With an ARV of $500k you should be able to extract $325,000 to $350,000 upon refinancing - that should leave you with approx

The refi won't be paying back any loan, but to simply extract all the cash we are providing.  

The challenge is extracting $1100 in cash flow out of $2185 NOI.

@Dana Nicholson - Yes, you need a plan.If I told you...Eggs, oil, water, flour, butter, vanilla extract, pan, bowl, spoon.Can you make a cake for me?

Just go to the Homepath.com website (shows Fannie Mae REOs, which are always the most numerous REOs) and do a data extract on your county or target area.

Will that cause more trouble than just trying to extract whatever rent I can  and  then give the 30 day notice to vacate?

we mainly have a team of people we go to for the various jobs required for build but one of the biggest cost savings for us was building on an existing site because we basically were able to extract value from the front house - we used the same land twice essentially.  

How can I somehow extract capital from this deal, so that I can go out and either add on another unit to my current live in rehab, or go shopping for my next deal, without waiting 2-3 years?

(There are currently no floor drains in the building)5: Exhaust extraction system for motor vehicle exhaust

I believe I can extract about $180,000 of equity in a cash out refinance, allowing me to buy another $533,000 of real estate.