Looking to tap into it without doing a cash out refi to replace the existing rates with current rates.

For some reason real estate is viewed as an income supplement and eventually income replacement by most who become interested in investing.

Buy good quality things once rather than poor quality and pay multiple times to replace it.

To me, these are no different than college degrees (and some cost as much or more): you wouldn't major in engineering if you wanted to be a marine biologist.  

This isn't merely about replacing your current income—it's about creating an income stream that sustains your lifestyle indefinitely.

So those fixed costs, like calling a plumber or replacing a fridge, are going to cost more, as a percentage of your rent, to handle.  

Turn the rental around and find a replacement tenant quickly.

(Inspectors are generalists, so specialists are essential for plumbing and electrical issues in older homes.)Structural Concerns: If potential structural damage is spotted, hire an engineer to assess it properly.Be Diligent and Proactive: Old homes often require extra due diligence.

Everything else will follow, reverse engineer, and get started. 

I have been in the construction industry, mostly residential renovating, so I know how to spot damages, repairs, and/or things that need to be replaced.