You could then use the cash out refi to fund the down payment on another commercial asset.3) If you think you would rather sell the original property, at a higher valuation you could always 1031 into a larger asset and do a rinse and repeat of what you did originally4) From an investor perspective I think it would be challenging to find private investors that would be willing to fund a cash out refi at a rate that is lower then you already have, if at all.Good luck!

How has this affected the market where you lived?

Rinse and repeat, but with other loan options.

Hi Sally - Welcome.If you are considering investing in residential real estate in WA,  be aware that there are major changes coming in state law,  almost certainly including 'just cause' eviction rules (HB2453) this session,   and possibly also statewide rent control (HB2779) (less likely this session,  but IMO very likely in the medium/long term unfortunately)  that both if passed will substantially or even dramatically affect the level of risk, business model, and other aspects of owning and operating rental property.   

If there are holes everywhere, along with piles of dirt and they added a patio which affected the drainage, it is hard to argue that they didn't contribute to the problem. 

It will let you get in for a lower down payment and after a year or two, you can move and repeat the process.

Bigger Pockets was repeatedly mentioned there, so one day I decided to check it out. 

Repeat with a second property. 

@Elijah Leonard Great way is to Pick a strategy, find someone who’s done what you want to do, copy them and repeat. OR

She and the other board members live in the building, so this affects them directly.