Lenders will lend the lower of the amount between LTC and LTV.Do you require an appraisal and survey?

So if you are anticipating higher rents and therefore higher income next year you may want to wait till then if you are trying to maximize the amount of the cash out refi.

That's a big advantage over getting the whole amount at the closing.

Welcome to the community and be ready for a huge amount of information at your finger tips.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Thus, when a foreclosure sale is held, you can set the bid amount up to the amount of the total debt, which would likely increase from 80K to include the legal fees, receivership costs(we suggest 5 - 10% of the rents collected), repair costs, additional accrued interest, minus rents collected.

Investment Info:Single-family residence fix & flip investment.

Can fix the water damage in the basement yourself.

My suggestion would be to cap your utilities at a certain amount and have Tenants pay anything over that amount.That will help you manage your expenses, and also allow Tenants to gage their usage each month, and make adjustments if they don't want to go over the allotted amount.As far as collection, provide the bill showing any overages and just have them pay for it along with their rent. 

Its a small investment to try both as one deal pays for them for a good amount of time