(Yes plenty of my acquisitions are "wrecks" as you call it, and require significant expense to be made great...). 

They have higher rates and typically have prepayment penalties, however they require much less documentation. 

The worst scenario is if the seller or escrow really requires me to use my own cash, I will use my HELOC and cash to buy it.

@Michael Plaks:For the number of times you've had to post this, it should be required reading before being awarded a Bigger Pockets account. ;-)  Sorry to for my ignorance Ken

Hold it for forever, refinance as required to tap into equity and continue to grow our little portfolio.

If the home is only worth $365K you cannot refinance to take out any cash and switching to conventional will only increase your rate so there is no tangible benefit to a refinance from current to Conventional.You are sitting at around 90% LTV if the value is $365K so a refinance would still require PMI and rates are higher than your 5.70% right now even with a rate buy down. 

You probably already know all this, or at least should but the last paragraph under landlord must give 30+ days notice (all must end at month end more than 30 days out, not exactly 30 days.) says there are legal requirements for tenant’s to give any notice.

They care and they are getting their money either way but calling the note is the cleaner and in many cases, the required way (Required by policy/procedure).

I'm not sure I have a great suggestion in regards to best ROI for you.However, I've done projects in Waco and done permitting for commercial projects through the City and know surveyors in Waco as well that may be required if you plat into new lots. 

What is the income requirements for a cash-out refinance on a property?