We just got one approved through the LA City Planning Department and going through structural checks.

If the new administration actually enacts their policy stances on tariffs, immigration, trying to ignite the economy even more....all of those things add up to higher inflation.

Proper has the most comprehensive coverage, but it is usually the most expensive. 

I know you don't want to deal with tenants and their problems, so why not either:A - Buy a NNN property where you don't have those problems, but still have cash flow,...orB - Take your $500k, and partner up with another investor where they deal with the tenants.

Have you looked into the markets you want to be in?

Just look that up.

Since you estimate a resale value of $200-215K and renovation costs of $60-70K (although you said that's on the higher end), your margin is tight, especially considering closing costs, realtor fees, and unexpected expenses.

Some thoughts that go through my head......Who do you contact to get current values, after renovation values to see if this process is even worth it? 

If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.Your best option is to call a loan broker you trust and go through the options based on your current situation.

Often times if you lower the rate, the fees go up and vice versa.