The property is currently operating as a 6-unit with two identical illegal 1bed, 1 bath basement units.

Primarily that you will now cut your monthly cash flow since debt service will increase with a higher principal (unless you refinanced into a much lower rate environment)However, Cash-Out Refinances are riskier for your Lender for a few reasons, so they will typically charge a higher rate / points for the privilege (versus an otherwise identical loan thats a rate-term refi or acquisition)Why are Cash-Out Refinances priced higher by the lender?

Minimum property standards to refi with an Agency mortgage are identical to minimum property standards to purchase with an Agency mortgage.

Apartments.com uses TransUnion for soft pull credit reports, so you will get the identical report you would get through Smartmove.

I think what you have here is an identity issue to resolve.

That would also make it a prime target for thieves if they know there is no managers office. 

@Jim Y.We all want an identity.

Our thought are identical.

Three months later a nearly identical unit (purchase condition and floor plan) in the complex sold for more than $50k more.It's not the same coc I see posts about in other areas of the country, but I think in the long term it will prove to be a good investment with appreciation.I'm a real estate agent so that helped a bit saving on commission.

Everything I'm reading about it says I should have that information and I should be verifying their identity.