If I'm understanding correctly, for a cash refinance...If you buy an investment property, fix/repair it, and get a higher appraisal, you can then take the $ difference and put a down payment on another investment, etc.If so, are there tax implications with a cash refinance?

That’s all going to get corrected when your purchase triggers a reappraisal.

I'm glad that you and your family love the city, and you're correct in that you can find 1% deals here easily. 

So try to make it happen correctly. 

You have 4 kids, and it seems like with your income you have a steady high-paying full-time job, correct?

The rent amount you mentioned is not correct.

Is that correct?

The company has already agreed to cover the lost rent as well as fix the damage but they are “conducting their investigation” so no actions have been taken to correct the issue yet. 

Investing  in the correct systems and human capital now will save you 10x on the time and expense in the future. 

I will most definitely get the tenants to go to Xcel for electricity once I can confirm that the units are split up correctly circuit wise.