Don't forget, you’re going to be out 10%+ in closing costs so you’ll walk with zero cash and pin your hopes on them paying you 20-30 years from now if that’s all they put down. 

I guess it triggers the "sunken cost fallacy" part of their brain.

How much did the rehab end up costing and how long did it take to complete?

For the financial side they hire third year financial analysts (3 years removed from college) because they cost one quarter of what a qualified employee would cost.  

These traditionally have lower rates than cash-out refinances and will only cover your existing loan amount + closing costs, so you'll need an existing mortgage for this type of loan.4.

Are there any rehab costs?

Who is your market for lower cost housing.  

For example do you have a great w2 and can you afford to cover costs of a major repair or 3 months of vacancy?

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

About the same as if you rent it, less costs.