I applied for funding on COGO but the interest rates were to high as well as the points. 

When a tenant moves out, transfer the deposit back to Checking so it's ready to apply towards expenses or refund the Tenant.If you end up with excess funds in the Checking account, I recommend you transfer it to a third account designated explicitly for future investments.

Money left in a borrower’s pocket can be applied to the project as working capital.

I can tell you if you are not an attorney you would be running afoul of California foreclosure consultant registration laws if you applied your scenario to a borrower in foreclosure.

@Patrick Irish based on what you say, the Sec 121 Exclusion and the 1031 Exchange both seem like they'd be good options for you to defer capital gains on sale of the townhouse.Sec 121 Exclusion has 3 requirements: First, Determine whether any of the automatic disqualifications apply (acquired property through 1031 exchange in last 5 years, or subject to Expat taxes)Next, meet the ownership requirement -> you owned the home for at least 24 months (2 years) out of the last 5 years leading up to the date of sale (date of the closing)Finally, meet the residence requirement -> owned the home and used it as your residence for at least 24 months (or 730 days) of the previous 5 yearsThere is no “Wiggle Room” but there is a Sec 121 “partial exclusion” for people like you that missed the residence requirement by a few months.

This applies to single-family and multiple-family properties in unincorporated portions of the county, with the exception of multiple-family properties on the barrier islands, which include Siesta Key, Casey Key, and Manasota Key.

To qualify for S.O.T.A. apartment seekers must earn at least twice as much as the amount of the rent of the apartment they are applying for.

A couple of book recommendations:- David Greene's 'Skill' & 'Sold'- Hyper Local, Hyper Fast Agent by Dan Lesniak- Gary Keller's Millionaire Real Estate Agent- Stephen Covey's 7 Habits of Highly Successful PeopleSoak up the practical advice and apply it.The main takeaways I got from these books:- A day where you don't work to generate leads is a day off.

Bear in mind that a lot of the BP content is US-specific and doesn't apply to Spain.As mentioned by @Andreu Ferragut, the rent/price ratio of long-term rentals in Spain is low in absolute terms and compared to many areas in the US and you can't boost your returns with leverage the same way you can do it in the US.

I would apply for a refi and let the lender or the appraiser bring it up.