I'm hoping for a favorable appraisal so I refinance to a conventional loan with 20% equity though a higher appriasal value.I have performed several updates including installing a new roof, new aluminum gutters, updating one of the units (kitchen & 1.5baths), french drain system, new paint throughout, etc, etcDo you have any recommendations for a Noob to the refinance process?

You had first better make sure this property actually has the potential to be a rental investment, most do not.From a business perspective if you do not prepare the property for tenants you will be flushing money down the drain.

 $2600 down the drain.

I came across a property and I'm struggling to decide if it is good for a buy/hold or flip, or if it is only good for draining my wallet and schedule. $40k purchase price, $5k in repairs to bring it up to neighborhood standards.

Where I am in the city, the solution to that to combat moist and wet garden units we use a drain tile system.

If everything is draining, I can totally understand why the seller doesn't want to pony up for you to replace the sewer line.

This would include things like the shower fixture, any cast iron drains, and potentially even the tub (although I am always tempted to keep the old tubs).

Then they become very liquid and flush down the drain.

@Bob B.I sort of feel the same way... it’s been really draining. 

Scope includes installing six GFCIs, snaking three drains, replacing a shower valve cartridge, very minor drywall patching, small waterproofing patchwork in the basement/front porch, realigning a few doors, replacing a kitchen sink drain assembly, installing blinds, and a handful of other minor items.