I would recommend doing this before even beginning the plan above, which could be completely discarded should the property become vacant prior to listing.Hope this helps. 

/Lowes Kobalt/Harbor Freight for all kinds of beater uses like shaving down irregular studs, quickly knocking down rough edges, removing construction adhesive.

Due to COVID, I recently started requiring people to submit an application prior to conducting a physical tour. 

Its best to have this conversation with your seller prior.

In all our offers, we have a contingency in the offer that we can review lease prior to closing and ensure they are up to our standards.

I will say if you didn't run the numbers prior to purchase, compare rental rates, or accurately estimate the "mild renovations" you could be up a creek without a paddle. 

This is an absolute scam.....No credit check or finances submitted for youNo appraisal or property inspectionNo lender’s title insurance**Points up front Before loan funds**** (points are always simply deducted from the loan proceeds, not actually paid prior to funding)Need I say more?

Is my depreciation already accounted for prior to the distributions?

Anything done prior to placing the property in service as a rental is added to basis and depreciated over 27.5 years.Putting a For Rent sign in the yard doesn't matter. 

Napkin math: $180k refinanced at 75% = $135k - $87k (current mortgage) = $48k cash (prior to closing costs)