The real property investment can be repositioned if it proves disappointing in its original form; it can be refinanced or recapitalized if it has too much or too e pensive debt; inflation over time bales out many bad purchases, and finally the investors knowledge, experience and abilities can be leveraged to turn around a cash flow negative property.I’ll provide an exampleThree years ago we purchased a note from a bank secured by two auto repair facilities with a large amount of excess land.  

Usually draw fees are very minimal though and if you plan them right, it can be a great way to replenish your cash or pay down debt from rehab.

Related damages:When tenant took possession, the living room had a vertical blind set apx 70” long (covering two windows.)

The main factor is will rents cover the debt liability and can you sustain 3-4 months of no income to cover the debt? 

For example, I am a little concerned about some aspects of the business cycle recovery and a potential for a double-dip so I lean toward the safest part of capital stack which is debt (or low-debt equity).

Also, do you have enough equity that if you sold one you could pay down most of the debt on the other 3?

The goal is to keep these for rentals.I currently own the land personally and am funding the builds with a combination of HELOC and cash - no bank debt tied to these properties specifically.

One factor to consider is your interest rate on the debt.

Not only was my market timing great, but I sold my less promising buildings and used the proceeds to pay down debt on my long term keeper properties, which have higher end tenants and are thus more stable and much easier to manage.

There might be some hoops to get through with conventional financing with your income situation, but if that doesn't work, you could use a debt service loan.