My thinking immediately turned to researching local rental costs per square foot to determine income potential with triple the current square footage.

Just... unnecessary I think. 

Think about lead certification for Cleveland if you are purchasing in the current market.

I'm thinking of doing this myself and trying to determine what this is going to cost me.

Quote from @Erik Estrada: Quote from @Mario Morales: Quote from @Erik Estrada: Hey Mario, I think you should first establish whether or not this is a non-owner occupied rental property or if this is just a primary residence refinance.

I think the first place to start is evaluating quality deals.

Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

I used to do essentially free consulting with new investors on it but gave it up for some of the same reasons - everyone thinks you can just sit at home and buy good properties across the country that are in great shape. 

I wouldn't think it would take a private lender (which is much higher priced) than a typical mortgage broker's rates.Is there a reason you think you need a private lender?  

If it was your own money I think you have to wait 12 months to refi.Run your numbers and make sure you will CF with a renter first.