None of the lenders I have spoken to will do cash-out refinances before the 6-month hardening period.

You screen etc and get a good tenant in paying market rate rents and you've hardened the property to make turn over less expensive.  

Here are threads on durable materials for all aspects of rentals:http://www.biggerpockets.com/forums/52/topics/68041-how-do-you-harden-your-rentalshttp://www.biggerpockets.com/forums/52/topics/77534-rehabbing-for-rental-propertieshttp://www.biggerpockets.com/forums/432/topics/82068-durable-efficient-remodel-of-rentalhttp://www.biggerpockets.com/forums/52/topics/78052-what-renovations-make-the-most-sense-for-your-rentalshttp://www.biggerpockets.com/forums/52/topics/99325-how-to-make-your-property-indestructible-well-almostHere are threads for just flooring in rentals:http://www.biggerpockets.com/forums/52/topics/53707-what-is-the-most-tenant-friendly-flooring-http://www.biggerpockets.com/forums/52/topics/84063-rental---12mm-laminate-vs-porcelain-tilehttp://www.biggerpockets.com/forums/52/topics/76696-trafficmaster-allure-ultra-wood-vinyl-plankshttp://www.biggerpockets.com/forums/67/topics/73244-trafficmaster-allure-and-vinyl-wood-flooringhttp://www.biggerpockets.com/forums/84/topics/93026-refinishing-hardwood-floorshttp://www.biggerpockets.com/forums/52/topics/67742-placing-laminate-flooring-in-rentalshttp://www.biggerpockets.com/forums/84/topics/70869-refinish-pine-floors-or-install-pergo-or-laminatehttp://www.biggerpockets.com/forums/52/topics/60380-color-shade-of-laminate-to-put-in-rental-http://www.biggerpockets.com/forums/52/topics/72857-vct-flooringhttp://www.biggerpockets.com/forums/52/topics/78077-lifetime-warranty-on-flooringhttp://www.biggerpockets.com/forums/52/topics/88289-commercial-carpet-vs-residential-carpet-for-rentalhttp://www.biggerpockets.com/forums/84/topics/93278-floor-in-a-canhttp://www.biggerpockets.com/forums/67/topics/74297-hardwood-engineered-flooring-over-concretehttp://www.biggerpockets.com/forums/52/topics/70293-flooring-in-rental-stairs

I would encourage everyone, from the folks thinking about getting into the business to the hardened veterans, to check out the monthly meetup at Ingersoll along with the IAREIA meetings. 

If you wait for the holidays, it’s too late.Though I’ll currently admit to a trunk full of Tequila and cigars from Costco (you can tell who we loan to) and chocolate for our less hardened clients, not an opportunity goes by throughout the year that we don’t express our appreciation for our relationship with those we do business with.

By all means make some tweaks (even hardened pros continuously do this) but definitely don´t stop.

Here's a general overview of the deal process: Find a Prospective Rehab Property Perform Quick Analysis to Determine if #'s Make Sense to Walk the Property Perform Initial Property Walkthrough & Inspection Create a Detailed Estimate of Repairs Analyze the Maximum Purchase Price you should offer for the Property Make an Offer / Negotiate Offer with SellerAfter Deal Acceptance Develop detailed Scope of Work for contractor proposals Establish Inspection/Contractor Walkthrough Date - Try to have everyone show up on one date & time if possible Solicit contractor proposals Receive contractor proposals Make go/no-go decision to purchase the propertyOf course these steps aren't hardened rules that need to be followed to the letter, but it should give you an idea of what to do.

Hi @RJ Harden.

Quote from @Nathan Harden: You named off a couple of pretty rough cities.

There are many battle hardened private lenders, with years of experience, that won't loan in second position.