I figured that would give me enough reserves if something really unusual happened (and it would be unusual because I did full rehabs on the units before they went up for rent).

I happen to know of a KCMO turnkey company that has a triplex coming up, but that is unusual.  

Getting an offer of $150K accepted vs a listing price of $199K would be unusual, though not impossible.Here in CO, banks convey properties with a "special warranty deed", which basicallly says "we didn't create any liens on this property".

Not unusual at all.

All of this is not usual either, there would be some unusual circumstances to do such a convoluted short sale, but I don't live in NY or Cali

Not unusual to buy 2 or 3 properties A DAY with Aaron Crowe/Northwest Trustee Services and the other criers.

It is not unusual to list a house available to pre-lease for August move in date, in January...especially 4br.

I'm uncertain of the points at this time.  

You might be able to pull more cash out if you refi, however I just don't see the point in paying all the extra closing costs and interest on the money when you are uncertain when it will be put to use.Maybe others can frame an argument in support of refi, my mind is open, however I'm not on the bandwagon.  

It's not unusual for the lease to continue on unchanged month to month, except for a normal yearly increase, after the first year.I would only charge a premium for a month to month rental if they had not already put in a year or more.