Most of the time I spend is "voluntary" - tweaking documents, researching re-fi options, talking with my contractors, etc.

By using option 1 it seems you could in the sense avoid that because you would be acquiring with cash from your re-fi. 

This is more time-intensive, as you supply the utilities and Wi-Fi and have younger tenants, but the vacancy issue is mitigated.

@Greg F. I

A lot of factors at play here Mitchlyn, but keep in mind a few things -- Most lenders will not do a 100% re-fi, but if your equity spread is enough, then maybe it will work out that way for you; HELOC loans will typically be up to 80% ARV and are cheaper and re-usable compared to a re-fi mortgage; if you're planning to rent out these properties for a good positive income spread over what you have to pay out, then it might be wiser to use the borrowed funds to pay for these remodeling expenses since they will be more than covered by your incoming rents, thereby essentially making the remodel costs free to you, and that way you can save your cash in savings for a down payment on another property or a vacation, or other bills...

Many banks and even private money lending groups want 6 month seasoning or ownership of the property before providing re-fi, heloc, etc.  

@Abigail Nittle Wi-Fi is always necessary people cannot survive without it anymore.

@Bryant Moranin SC I hand over our signed contract to purchase to the real estate attorney.  

This benefit will stay with the property pending application to the HEHFB (PILOT board). [ FYI, we are not overly concerned by this application thanks to the Property Management company who has experience with this program and because closing is contingent to getting our application approved.]How do you anticipate the impact of the end of the PILOT tax brake on a re-sale or re-fi, if a re-sale/re-fi was 2 years prior to the end of the program?

I guess fi you’re too scared to buy any real estate, and you’ve maxed out your work and Roth contributions, it’s better than a savings account.