In this type of situation, they want low interest rate with low down payment also.

Negotiating favorable terms like a low interest rate or interest-only payments for the first few years could help manage cash flow until renovations are complete.

We just launched a Cash-Flow Breakfast Club for your area!

I'd also suggest self-managing your first property to maximize cash flow and learn by doing for any future investments.

I’m a fan of harvesting the equity to buy more and more cash flowing properties with zero out of pocket cash for down payments.

Personally, I'd cash-out refinance into a 30 or 15 year loan.

Quote from @Ogonna Odo:  Small ones will not, they typically like cash or checks.

I'm offering $115K cash and can close as fast at the inspections and title work can be done. 

What’s your primary goal for the cash-out refinance?

Cash out should be used as a 12-24 month loan so that you can buy another property and pull cash out at the next 12th or 24th month mark.At that point you take a portion to pay off or down the first loan and use the rest as a down payment on the next REI.