Pick something really neutral, and it will last.

Some areas here in LA County are still neutral/buyer's markets while others are pretty hot seller's markets.  

The key is to go through a title company for escrow which solves this problem (wires / docs sent to a neutral third party).

The rent after rehab was $3.1K (ratio: 0.56% - virtually the same as prior to rehab) which is still likely negative (my projections had it neutral because self managed but it would be negative otherwise).So at the end of the refi I have $136K equity (using a low refi appraisal) for $50K invested. 

Neutral to your wallet and huge benefit to your income statement.2.

@James Triano Sorry it took me so long-Kitchen cabinets- PPG Juniper BerryKitchen walls- PPG ParrafinLiving Room walls- PPG Ashen (I don't love this color, but didn't want to repaint)Claw foot bathroom - PPG SharkskinClaw foot bathroom floor -atlas concorde bianco winter 24x24Claw foot bathroom wet wall - tile shop marble subway tileBaby's Bedroom - PPG Ostrich FeatherLaundry room - PPG dark ashEverywhere else - PPG Vagabond (my favorite neutral warm gray - looks good in every room)Exterior trim - PPG Seaweed wrapExterior siding- PPG nevergreenExterior Doors - PPG LicoriceLet me know if I forgot anything!

Two tone neutral decorator paint throughout.

A lot can happen to your plans but, in addition, investing in a cash neutral property for an expectation of near term appreciation has a lot of variables/risk. 

It's not a great deal, but would cash flow neutral under my conservative calculations. 

The way that Fannie Mae looks at it is, they will take the rents showing on a lease or the rents showing from the appraisal and subtract 25% then subtract the PITI from that and if its a positive number, it adds to your income, if its a negative number, it adds to your debt.Most rentals are close to debt neutral, meaning it wont add to your income or your debt by that much.