Any perceived profit will get eaten up by transfer fees.As far as your rehab budget, 5-10K will get you 1 thing. 

It really depends on what your goals are on what you perceive your needs to be.

They'll negotiate - but only if the threat is perceived as real.

That is one location has more perceived value in the first place.

But your intent must be perceived to be holding for productive use.Most folks feel comfortable with anything more than a year as that puts your rental property on two consecutive tax returns. 

They view this from the most negative perspective, what if the sky falls, that is perceived risk.From my perspective first I make my money on a property when I buy, I am experienced, I know that when the economy turns rents do not drop to zero and every tenant does not stop paying rent.

And remember the rule of thumb: if you're not renovating your property, you should expect any rehabber to pay no more than 70% of the perceived after repair value, less any repair costs or other profit needed.

I'm not hellbent on completing a refinance and obviously do not want to commit fraud or do something that could be perceived as fraud, I was just curious from a lending perspective if that idea was viable or not. 

This can really eat into your profits -- perceived or otherwise.In our area we are about 50/50 between VRBO and Airbnb. 

Buying in the right location, in the right asset class will often allow for better cash flow and overall profits than the perceived "great deal" in a bad location.