Not looking to hand off my taxes but rather a consultation to review this piece when the time comes.  

You've gotten great advice here but one piece nobody has mentioned yet is the cost of the appraisal. $1,200 is super high in my experience. $300-600 is average if it's just a vanilla SFR, and even the last MF appraisal I had (8 units) was only $800.

If you are looking at a loan amount of 100k then I wouldn't recommend refinancing unless you are shaving at LEAST a full percent off the loan and likely that wouldnt even be enough.  

My biggest piece of advice would be to fire fast and get cameras/alarm systems in place.

Each piece has a vital role to play.

However, it may make it harder to fill the common equity piece as the more preferred equity there is, the less desirable the common equity becomes because of risk of loss.

Expensive but you get a piece of mind that anything will basically be covered.  

Bette,Great piece for REI's.Like all IRS stuff, there are sublties, so I refer folks to IRS 587, for MORE information than they really want. ha ha

When you get clients these will be the biggest pieces in providing value. 

Properties are pieces of a market.You're not doing anything wrong with your property analysis, you are doing wrong in your choice of markets.