(Luxury, first time home buyers, investors, etc)There are several others that may be specific to yourself but only you can decide your final goal.

When meeting for the holding deposit the prospective tenant was 40 min late due to work and not being able to find place to get a money order.

It's only 4 months old, but I am finding that it has to be regularly drained and refilled due to how the guest use it or abuse it.

I’m tempted to do a cash out refi.

However I can’t find anyone my area to do it.   

Trust me, you don’t want to find out you’re violating a local ordinance after the fact-it can get messy and expensive fast2.

I’m joining Bigger Pockets Community to network, to learn and to find like-minded real estate folks! 

If you show up and he's not on the property, place his belongings in the nearest dumpster and when he comes back for them, let him know where he can find them and that he won't be treated kindly if he steps on your property again.

Annual cash flow is around $40k.Total initial investment is around $120k.

One route is to explore refinancing these properties into your name with a cash-out refinance, which would allow you to access some of the equity while officially transferring the deeds.