That allows you to get your reno money back out, and some cash as well on the refinance. 

I was contacted by their sales team and offered 100% financing of the tuition fee which will be around $15,000.

G'Day Beverly,We purchase a variety of motivated seller lists that get a great response rate.Evictions, probate, tax delinquent, out of state landlords, code violations just to name a few.And my team smile's and dials all day long.It's important to know your market and know the numbers in that market.Negotiate hard, be quick and buy with cash.That's what has worked for us for many years now.Too many wholesalers are a joke and over inflate the ARV so be careful and know your numbers.All the best.

Sydney,The type of planning you are considering is often a team process. 

While still allowing you to reap all of the benefits of real estate ownership including not just a return, but also capital appreciation, depreciation, and amortization of the loan (if you have one).This kind of transition is exactly what 1031 exchanges are designed for.

Do you know short-term rentals are only allowed in certain markets?

The first way is build a team large enough to do it all in house, now you have a crew lead who can go estimate time and materials to get jobs done. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

They’re great people to have on your team.

That would free up $35K to use for renovations of another DP on another REI.That should still allow you to cash flow while savings funds and staying cash fluid.