Maybe I am misunderstanding or wrong in some way, but I would definitely reach out to your accountant, or a good one in the area as they can get a full overview of your situation and recommend based off what is required in Missouri. 

It is VERY heavily biased toward renters because of the military base, meaning picking up SFRs is easy and keeping a good one full should not be a problem.

Anchored in the Sandhills region, it holds significance in national defense owing to its adjacency to the Fort Bragg Army base and Pope Army Airfield.The median sold price has surged by 7.2% year-over-year to reach $225,000 ($142/sqft), with an impressive 42% of homes sold below asking price last month.

Also, based on my experience there are many areas in the Dallas/Ft.Worth area that make for great rentals.

The refi loan type is based in part on how you hold the property (in your own name, an LLC, etc) but in general you can expect to refinance out about 75% of the ARV (After Repair Value).

Hi Jane, I am an out of state investor based in Northern Virginia and primarily buy Multi family and Single Family Homes in Cleveland.

Maybe keep the bases and have them refaced?  

The painter does exceptional work, but the price is a little higher than I expected.My appraisal was only for the interior, but the painter said that we could discuss painting the exterior based on my budget.

Someone could purchase at 600k, make a very safe annual 6% ROI (and escalator above that every year) plus have the base property appreciating at the same time for resale later. 

I rehab the property and then later go and get 30 year fixed rate conventional financing based on 70% - 75% of appraised value.