I actually am an attorney, and still send mine for extra vetting. 

This extra year gives property owners more time to schedule inspections and make necessary repairs.Key Points:Applies to multifamily properties with three or more units.Covers balconies, decks, and elevated elements made of wood or similar materials.Inspections must be completed by licensed professionals and repeated every six years.Hazards identified must be repaired promptly.With the extension, now’s the time to plan ahead.

And really, any ARV over $800k is extra "cash out" for you. 

I also think most markets won't see anywhere close 6% cap rates (for single family homes which is what I personally invest in).The questions you get to ask are then:Is the extra 4% worth the hassle of management and lack of liquidity.   

They'll have the same issue with the next buyer and you can always come back in a few months and make them a much lower offer once the property has fallen out of contract a few times and they are extra motivated to sell.   

HELOC: The Best Tool for Smart InvestorsWhy It Works:Pay interest only when you use it.Got extra cash?

Once that extra rental started generating income, he realized the higher interest rate was just a temporary hiccup on the way to bigger returns.In your case, maybe look at a structure that keeps your best cash-flow property on a lighter refi (say 50% or 60% LTV) while you go a bit heavier on the one that’s not producing as much right now.

Thanks again for your insight and support, and Happy New Year to you as well! 

You have to know the market before you build a plan and I don't think this market supports your intended plan.

Just be extra conservative with your ARV estimates and have a great team of contractors to keep rehab costs in check.