We don't allow our tenants to mess with the HVAC and we replace the filters on schedule because tenants rarely do what is required to keep the furnace functioning properly.

When looking for financing in my personal name, even without proper seasoning, I've received decent rates (4.5%) 30 year amortization and 15 year balloon based off of 75% of the newly appraised value. 

I guess I never thought to be specific enough to tell him to replace it running the same (proper) direction. 

For example, when I turn around a rental properly and rent it out, the market tells me if I outcompete other rentals every time.

Things I learned:If its not in writing, it never happened (seriously) If you need tenants out, do not wait start the (PROPER) eviction proceedingsIf you have a short sale, be aware of the timing and (Re-appraisals) If the town asks for it (provide it) believe it or not the townships, city and local ordinances are on your side!!

As to a RMLO, they are not really in a position to underwrite or even originate options, they may originate a note and under a properly licensed mortgage banker or brokerage allowed to originate high cost mortgages......and those will be hard to find who are compliant doing an equity funded note, like finding hen's teeth.

However, if you are investing in a less desirable area ensure that you take proper precautions to prevent theft.  

Is this in your opinion not proper advice?

@Max James I actually like properties with mold issues, because they can get you a discount on the price... but I say that with the caveat that I firmly believe in proper mold remediation, and NO shortcuts (such washing things down with bleach, or painting over problems).

Yes you can get refi loans based on funds needed to do the refi.Seasoning period is 6 months.Being able torefi to get enough cash out to pay of original loan (including HML) shouldn't be an issue if you did you analysis properly.