Received our first rent check. Feels good. I have certain amounts that i want to divy up to go towards future expenses (capex etc). We also set up a competely separate account for the house. Do we leave that excess in...

Hell no...... this was a minor issue that was quickly addressed.

I figure this is likely the commercial space value and I could probably add $50/month on lot rent, or trailer rent on the non month to month trailers (all but one).I'm trying to learn commercial quickly, but I still don't know all the right questions, or what documents to request, or what things I don't know to ask that will bite me (are septic systems legal, violations, etc)I would appreciate any feedback on any aspect of this deal, from my financing assumptions, cap rate, reasons I want to like it, office rental income, etc.The numbers I used are from the P&L they provided, and seem really high. 

Here are three examples:I used a mortgage firm with very low fees, but when I tried to cashout refi quickly for upcoming auctions, they were terribly slow and I missed three auctions - so it cost me a fortune in lost deals.

Then simply quick sale the first one before close.

There are exceptions, but they are grabbed up pretty quick or are at inflated prices.

It looks like sale prices are not required to be disclosed in Idaho.The only 2 I quickly found with prices recorded within a few blocks of you are 5275 W Madison which sold for $276,500 on 7/8/2016 and 32886 N 16th Ave which sold for $250,000 on 6/20/2016.

It comes down to 3 factors#1..... damage to the property...... the issue needs to be fixed NOW or the damage will escalate quickly#2...safety..... is the issue an immediate safety problem#3...habitability..... does the issue effect the immediate habitability of the tenant.

If the down payment that you need equals the entire 70% to 80% in value of your SFR, then I would go with the cash out refinance and get a fixed rate.If you only need 20% of the equity for the down payment, can pay it off relatively quickly, and want the rest of the equity accessible for future use, go with the HELOC.  

But in regard to rent, I would suggest doing a quick search on the ‘2% rule’.