Florida doesn't offer the best in-state solutions.

I'm located in Central Washington (Wenatchee Area) and I have a Cash Out Refinance scenario that I need a solution to and i'm hoping you all can enlighten me on some ideas or referrals.We have 2 properties (1 - Four-plex, & 1 - Duplex) with 2 loans that we would like to consolidate into 1 loan on the 4plex with the duplex then owned free and clear to make available to open a LOC for future investing opportunities as they arise.We owe 158 on the 4-plex and 91 on the duplex for a total of 249kthe initial appraisal came back at 300k for the 4-plex but it's very low for our local market.

#1 -  the concept of a HELOC (borrowing against equity whenever you want, up to limits) is fine and I agree that from what is posted this solution may be a good fit, but #2 - if you go to a bank and try to get a HELOC, I am 95% sure you rental properties won't qualify.

Permitting upgrades was interesting, because of their size, there are multiple code violations that were "excused" since they are grandfathered and the inspector could not recommend a solution. 

The solution I came up with that they accepted was I waived all inspection damages under $5,000, but if the inspection found damaged totaling above that I was still covered.

@Derrick Gordon We have a quick fix program that we use that is a short term 12 month solution. 

With 3-plexes in Boston routinely selling close to $2M and in places like Cambridge, as high as $3M, these properties are simply not good prospects for most investors.The solution in eastern MA is to get away from the city.  20-30 miles out, properties are a LOT more affordable. 

A lease option would be a great solution to her problem since she is not in a hurry to sell bit is stressed, however its an older house and needs a lot of work hence the low ball offer.

First solution that comes to mind is to install a sprinkler system, but of-course there is no guarantee that tenants will use it.

A HELOC may not be the best solution for you but we handle mixed use refi all the time