In this later scenario, you need all cash, just the same as if you were doing this old school style at the courthouse steps. 

If you do this once a year for 10 years, you will be very rich when you are old. 

Quote from @Stacy Raskin: When doing a cash out refinance, it's important to consider seasoning periods of the waiting period you have to have between when the old transaction closed on the hard money loan to the new cash out transaction closing.

It would pi$$ me off to no end if a 19 year old came to talk to me with a binder telling me how good of a deal I am getting by seeing a 36% rent increase.

We have completely gutted all homes and old infrastructure.

After being in the corporate sales world for about 10 years, I realized that I do not want to return.

I strongly advise anyone purchasing an old house to flip to ensure they have a clear understanding of the condition of the home's drainage system.

No state income tax.3. property tax's some of the lowest in the country.4. quality of construction most homes are built with stucco and tile roofs and desert landscape compared to much of the mid west rust belt were its very common to be looking at houses that are 50 to 100 plus years old. and yards grow fast  snow sleet ice all take more wear and tear on your units.we do a lot in most of the mid west rust belt states. the prime motivation is price point and rent to price ratio for those aspects they are the best.

Yesterday I found out that my old neighbor who moved away to take care of her father, inherited the house next door upon his death. 

I'm 53, married with 2 kids less than 17 years old with debt only from purchases on credit cards and my home.