What were the lot rents and how many lots were occupied?

The general rule of thumb on refinances is to do it if you can make back the transaction costs within 2 years.

However, we typically use the FHA-203k loan because it involves a renovation, which I highly recommend if you are looking to really boost your equity and have the cost of the renovation wrapped into your loan with a VERY LOW AMOUNT OUT OF POCKET.I like the FHA loan, but honestly, the Fannie May Home Style is an even better product at this point because you just have to bring a bit more cash to the table 5% vs. 3.5% (w/ FHA), but you have a bit more flexibility.  

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Non-payment of rent is always the path of least resistance to get someone out in a somewhat timely manner.

Ultimately, all the costs would be added to your basis in the property and depreciated when you place the property in service as a short term rental.

Hi @Shawn SmithI am a US loan officer in Toronto, assisting Canadians to secure financing in the US.

Cash out refi will be tough due to the price, not sure if there is a local bank you can reach out for the financing.

Quote from @Pat Arneson: Yes, sometimes they have a ton on their plate and need to sell some off, and sometimes there is a better spread in their eyes wholesaling the deal verse flipping it.

Pets all the way.