In all podcasts and deals I hear analyzed, the total profit number is always discussed, but rarely do I hear a comparison of cash out of pocket and how that profit relates.  

Since you were so happy with your manager(which seems to be very rare on BP), I would do anything you can to stay with the brother. 

- Somehow combine with office space to qualify for small business loan?

There is simply far too much demand on the refinance side, combined with Fannie Mae raising the guarantee fee they charge to lenders, combined with the uncertainty in the market meaning investors do not want to lend out at sub 3% returns. 

We have no kids, we make just over $100,000 each year combined.

My interest rates are so low right now on the 3 properties combined (One is at 3.3%, the other is 3.5%, and the other is in the 4's) that Refi-ing into an investment property will literally add the amount of money of a 4th mortgage to my debt before I were to even get the 4th house.

You could potentially be ordered by a judge to compensate one of both agents as part of that suit, but it's very rare.

Full gut is demo down to the studs and starting from scratch.Moderate mostly is cosmetic and can be all or any combination of fixtures, cabinets, paint, removing a wall, floors, roofing, windows, doors etc. 

Rarely does a "be back" come back.

There is a reason why class A cap rates rarely get over the 5 cap range.