Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

@Anthony Finelli check your mortgage paperwork for the Truth-In-Lending form to find your APR.APR is your effective interest rate including interest, MIP and closing costs.If you can refinance the rental at a cheaper rate than the APR, then you should!

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

@Jerry Chilimidos,Here is a list of lenders who specialize in lending to IRAs and 401Ks:https://www.biggerpockets.com/member-blogs/2810/50272-list-o...I don't know where your rentals are located and how they are performing but selling might be an option vs doing cash-out refi.I would certainly consider option C.

Propstream - Data creation + stackingDeal Machine - Driving for DollarsOpen Letter Marketing - Mail ProviderUsing these 3 platforms, you will be able to create lists, research properties, and market to them effectively.

I wrote an article that I think you'd find value in that will provide some answers to your question: https://www.straightupchicagoinvestor.com/blog/6-must-knows

I am not sure if it is more effective. 

I share more on splurging/saving for max ROI on my Bigger Pockets Episode (933:https://www.biggerpockets.com/blog/real-estate-933), if you haven't listened to it already.

If they just represent first time single family home buyers and aren’t constantly finding off market properties and reviewing deals, you’ll find a better investment through someone else. https://www.kiavi.com/blog/out-of-state-real-estate-investinghttps://learn.roofstock.com/blog/out-of-state-real-estate-investing

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.