A piecemeal refi like that won't happen, but with a hard money fix and flip loan, there is a rehab funding component that will allow you to get reimbursed along the way (i.e. spend a max 1/3 of rehab out of pocket before getting a draw).

Most investors get forced into true B or C neighborhoods to see a 10% COC return these days, and there still is normally some value-add component to the deal. 

I am CONVINCED an intelligent breakdown of the problem into its components and causes, will present the answer automatically on its own.

That includes roof, hvac, water heater, windows, wiring and any other big structural components. 

If you are demolishing a building or renovating it and removing HVAC units, lighting and other components, they are considered to be retired from the building or abandoned.

Tenant has been great for the past 5 months, paying rent on time and not contacted us for repairs at all.In the past month, they've already contacted us 4x for different repair items, including slow water stream from kitchen faucet (replace), outside mailbox not shutting tightly (easy fix here), and the latest are: low shower water pressure in master and the garage door not working properly (sounds like it's still functional but they're having to align the sensors from time to time). 

I would break down investing into components to answer your question:FinancingBuyingOperatingMaintenanceBuildingGeographicalInsurancePersonal day job or lifestyleEtcNow map your your investments in growth levels.  

Set High but realistic goals, form a criteria that will align with my goals, and let that real estate agent know.

@Darius Kellar 1984 was a long time ago in a time far, far, away...There's always a chance history repeats itself, but the chances of a Disco Demolition Night (https://en.wikipedia.org/wiki/...) occurring again are slim.Same goes for the alignment of decades of civil unrest causing the "Devil's Night" fires.

You want to see how it works and really be comfortable it the industry for you.What I would totally recommend also is to get aligned with some successful investors in your market.