What may actually be helpful to a family (stability) is not what regulators look at.

@Glenna Wood, They're actually in conjunction with a 1031. 

I can't seem to find out the actual %.

You can't really know what to do until you know who actually owns the property and if there are any pending lawsuits. 

My husband actually did this when he became a realtor and the process was very simple.  

Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

In the unlikely event that you are the exception that proves the rule, the rare 18 year old who can actually generate a serious income by wholesaling real estate, your day to day will look like the following: - You will door knock, cold call, send mailers, and otherwise create lists of people who are in the most desperate moments of their lives. 

I mean there is so much to scrutinize here we could spend an entire afternoon reviewing the actual deal let alone the financing.I wish you luck either way man.  

I'd love to see some actual numbers for flipper's careers, and the formulas for expected returns if flippers are willing to share them.

But, it's very commutable, and a lot of people working in Reno (especially South Reno) actually live in Carson City because it's cheaper.