. $630,000 - 660,000Loan Balance: $470,000Rate: 4.75% on a 30 Year FixedGoal: I am looking to remove MI and take out some cash to pay off the short-term debts used to repair the property.It is my understanding that I have to wait 6 months to be able to do a cash out refi based on the ARV.

This means you'll probably find it harder to rent the properties (increased vacancy rate), more difficult tenants to deal with, more constant tenant turnover (and the costs/hassle associated with that), etc.Also how old is the property?

See below for pro-forma returns300,000 12 lots average sales price of 25,000-175,000 payoff of principle125,000 after principle payoff-10,000 Less expenses115,000 Balance of net proceeds57,500 net proceeds (lot sales)split 50/5017,500 175,000 @10% for 12 months75,000 projected Investor proceedsThis is an estimated cash on cash return is 43% Where would you begin in evaluating this deal?

Because it will be difficult to attract accredited investors without a track record.

But if you ever have a difficult month, you're not forced to make a higher payment. 

I will try to be brief with the many confusing details and factors that are making a decision difficult for us.The house is a SFH near Seattle.

But if I do that, then I won't have the money for the 3.5% down payment.Here are my numbers:Savings: 41kRemaining balance on FHA loan: 38kInterest Rate on FHA loan: 2.75%Market Value of Current Residence: 100kAsking Price range for quads we're willing to live in: 350k-450k (12.25k - 15.75k at 3.5% down)My current thought is to cash out refinance to a conventional loan. 

I'm put in a difficult situation because I cannot renovate the space until he gives back the key and he hasn't paid rent. 

I can't say whether the mess that happened there recently is a counter-balance to the apparent low local crime rate or not.That's one big problem with investing at a distance.

Its very difficult to know if your offer makes sense when so many pieces of the math are missing.