If you are lookign to occupy the property as a primary, then you'd need to look at the conventional (Fannie HomeStlye Reno loan for example) or FHA (203k loan for example).As for the takeout, again so long as the ARV is strong enough to support it, you have credit and income to qualify (if you go the Conventional DTI route as opposed to DSCR), you should be able to refinance into a long-term loan no problem.Feel free to DM me if you'd like to chat more on this!

I’ve gotten quotes ranging from $6,500-$12k to repair and waterproof the exterior walls, plus there's the added cost of repairing and repainting the inside walls.

Other exclusions are roof replacement, anything requiring a permit, exterior painting if more than 5% of surface, "maintenance related to the garden, lawn, or landscaping," anything covered by any of the various required insurance policies, etc.

It is coming in the exterior from what it looks like.

They have a learn as you go mentality as far as training goes so I feel you need to be a bit more self-motivated starting out as opposed to if you worked for a more well-known brokerage with a more formal training program. 

As it ended up, it was a deed in lieu as opposed to a foreclosure. 

Guidance is appreciated on where to begin, I am not opposed to looking out of state.

I just don't understand how a cash out refinance works and what the benefits would be for it as opposed to simply purchasing the home and renting it out without doing the reno and refinance part of it.

However, most people seem to use Yardi these days, at least if they manage buildings as opposed to something more scattershot. are you looking for how to get started or technical help or just which one works best? 

Or is the opposing attorney simply telling you that they sent it to you?