I also owed a duplex with a partner which we did some renovation prior to renting. 

For a cash out refinance prior to 6 months, they are going to want you to source where the money came from - you are not using all your own money, so this could be a possible issue with lenders.

We’ve master leased prior.

what was prior use of land (hopefully not a landfill)? 

I was able to talk to one of the neighbors next to the vacant home and she was able to tell me the whole story of how the home had been locked up in probate for years and had just recently been left to one of the trustees six months prior. 

A property I am looking at had a fire about a year ago and the insurance company of the prior owners was nearly done fixing it up before the bank took possession of the property in foreclosure. 

Repainted and did new trim in that room prior to marketing the room.

You could even sweeten the pot and pay them a couple thousand more to do the work.If the work is done prior to closing, this allows you to buy the home on a 3.5% FHA loan, but not have to deal with the extra paperwork and the longer turn time to close the loan that an FHA203K requires. 

But have since reduced it to $1250/month which is about what it had been renting for over the past year prior to me renovating it with all new flooring and a few cosmetic upgrades. 

Tenants were 1-2 months from lease expiration, so was able to replace tenants at, or above, the prior rents.