Let me explain that better, imagine your rehab is $100k, you would need to do part of the rehab, maybe $10k, and then you can get the funds for those first $10k reimbursed so you can keep progressing with the rehab.Given your experience, I would recommend you start with a moderate or light rehab, mostly cosmetic work so that you can do it yourself and won't get your profit decreased by hiring third parties.

I am not on the forums enough to notice but as rates decrease, loan transaction volume will increase. 

If you are changing careers and your income will go down significantly (you said change, I implied decreasing), why not keep the money as a back up/emergency fund in case you need it?

Really dig in on ways to increase your rental revenue and decrease your expenses. 

So, I believe some of the fundamentals of larger multifamily (increasing NOI via increasing revenues or decreasing expenses) are beneficial to smaller multifamily although the ultimate value is not determine by NOI, but by comps. 

Will there be a tax refund for decrease in value seeing the value was not realized?

I increase their ROI in the process and decrease risk/headaches. 

Do I have them put down the same amount or decreased amount since it is so far in the future?

Is the payoff on decreased maintenance/standardization of units worth the upfront cost.

Financial independence to me is being able to replace some of my current salary (unless I am able to house hack or have little to no mortgage costs) and that number would dramatically decrease.