If the cash-out refi provides liquidity and good terms, it could be worth taking, but make sure it doesn't interfere with your construction funds.I can help you assess both options and see if we can offer a more favorable solution.

Thanks everyone by no means am I opposed to paying 0 in closing or buyer agent fee's and this thread helped provide clarity on what to expect. 

@Freeman Schultz I typically buy what fits in the space first and then the unit that is on sale and has the best value after that.

If the bank mentioned they owed $300,000 they will want to collect all or most of that depending on the property especially if there is value in the property.

"yes Miss Agent referred me to you and highly recommended your lists over most local agencies" etc etcmost things in life are only as negotiable as you'll allow yourself to investigate. 

I check on those properties now and then on Zillow to torment myself about their current values lolBiggest misconception is that I thought it would be easier with buying out of state - far more difficult than it looks 

Conventional rates with 5% on MF are really high - which is ridiculous IMO. 

Just search on BiggerPockets - there's a ton of great resources- I would HIGHLY recommend using a leasing agent to find you a tenant.

Any other details/calculations on this would be appreciated.Like many my home sticker price is up, and I'd like to tap the equity to make a series of high yielding, diversified investments.

With rising values the assessment makes sense but the assessment raises seemed exorbitant.