Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.

Depending on the ARV some are even able to get out all the funds they used to quickly rinse and repeat

I have a pretty large emergency fund in place for those properties, but I wonder if that capital could be better employed elsewhere (potentially acquire another property).  

I currently have around 100k tied up in sticks right now which I would prefer to leave in and just continue to save with the plan of getting a place in the next few years, I would get a second job to raise the funds.

While they mostly aren't lying, they leave out a lot of reality.Why would a government funded program like S8 pay MORE than market rents?

Not a lot of our competitors offer this but it's something we can consider (but for us, it can't be in a rural area, the loan amount must exceed $150k, if we're using PadSplit income (or STR/MTR income) the max LTV is 75% and the down payment must come from your own funds). 

If they are up for renewal and you elect to non renew them you must stop accepting funds from the occupants after the lease expires (accepting rent after the lease expires may make it appear you have a tenancy at will agreement). 

It might be wise to sell it just from a management standpoint and reposition the money into some index funds and maybe another property in NC.

WARNING: if you do not prepare for this, you can enter a death spiral: deteriorating properties lead to lower rents, worse tenants, more wear and tear, even less cash flow to fund repairs and ultimately erode asset value.I do not mean to rain on your parade, hopefully, this is a helpful long term perspective. 

Other than paying for an appraisal or BPO (and maybe a credit report), you should not pay a lender anything until your loan funds.