Why would you spend the money on an appraisal now?

Every unit will find a tenant you do not need to intice them with extras that do not put more money in your pocket.

That would likely take several months and cost a bit of money though. 

Rental arbitrage was hyped up when money was cheap.

Another loan is a residential transition loan (FKA hard money loan) that you could also use.

Closing Costs – Remember to factor in refi fees and how long you plan to hold the property to determine if refinancing will save you money overall.Since you mentioned owning the property for only a year, your equity might still be limited, impacting your options or leading to higher costs.

. :) Would love to connect with any real estate professionals in the following areas, as I am considering these markets for LTR:Oshkosh, WIMadison, WIBuffalo, NYSyracuse, NYQuantum Valley, NYCleveland, OHColumbus, OHPittsburgh, PAI am most excited about cash flowing properties in areas with exciting growth potential, renovation efforts, or new money coming in!

I still owe $80k on the property, the city has it valued at $120k.

That strategy is not going to work at all. 99 percent of agents don't even know or understand seller financing and will just think it's a scam (which it is most times these calls come in since the caller has no money and therefore is irrelevant to a regular homeowner).

It's all about the location, you might be able to buy a cheap house, but if it's in an area with nothing but other cheap houses and in an area that is "not desirable" you're not going to make much money on it, either in improvements or rent.