Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

Pace actually answers his DMs, which is almost unheard of at his level.

At minimum, stage the living room and primary bedroom to give it some warmth.That said, have you thought about cutting bait and putting your money into a market where the numbers actually work?

I don't know if this is actually in an A or B neighborhood, but would a duplex like this interest you: https://www.realtor.com/realestateandhomes-detail/116-Regent...?

My actual experience has been very varied.  

@Chris Lin not sure where else you own properties, but all their fees are what is normal for the Metro Detroit area.We have heard some PMCs offer lower fees in other parts of the country, but from what we've researched, these only apply to Class A properties - which are REAL easy to manage.We actually charge LESS than average to manage Class A rentals in our market.

This is a unique home and it actually has a full kitchen, 2 bed and 1 bath downstairs and I think it might be well suited as a very large vacation rental(entire home) or both floors being rented separately at some point in time.  

Just sayin.I was actually attempting to remove in consideration of their actually responding to me.

One of the biggest challenges for everyone involved is being on the same page about the actual time required for maintenance.DIY landlords rarely properly track their time when it comes to property management in general - tracking their true time invested in maintenance is where they perform the worst.Investors that hire PMCs are rarely any better at understanding the true amount of time maintenance takes.

I'm on house number 4 that I've lived in and renovated, so I agree that's a good strategy (I've done it just through life, not actually a purposeful strategy).