Basically you can't (or rather the lenders won't) do a cash-out refinance before the seasoning period (6 months typically; I've heard some are pushing 12 months now).

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Townhomes typically have an HOA, which can be pricey and eat cash flow.

Though, these investors typically fall short or overpay for properties because they are unfamiliar with the market and the shifts we have from block to block.

That's typically the best place to find resources in any given market. 

Historically, we have built these communities on the outskirts of towns typically in the County.

Typically you would still be required 20% as first time investor for most HMLs and 100% of the Reno.

If you want a restaurant in there, typically, as the landlord, you are footing the hood system, walk-in cooler/freezer, fire suppression and overall fixture work for the tenant.  

What is the typical timeframe for hard money lenders to release funds when you request a draw for work that is complete? 

Know that houses in that price range are in crappy neighborhoods with typically crappy tenants so you will probably lose money between high maintenance and evictions.