Of this, of course, there are deductions to be had... whether it be amenities (I provide a bottle of wine, fresh sponges, fresh paper towels for every guest), utilities, HOA, and of course the largest cost: cleaning.

I have searched the forums and could not find the answer to my question directly...Basically I wanted to investigate the feasibility of a commercial loan refinance with cash out.

It takes courage to make such a big move and start fresh.

All freshly renovated rent is $700 per monthHere are my issues: -all three units have been vacant for two months.

I was lucky in that I had just started listening to the podcast a few months before and was fresh on enthusiasm.

This process varies state to state and sometimes county to county, so if this is the case, you should investigate the rules for your county.

I will investigate this in more detail before I start making offers that are closer to the asking prices.My plan is to use the same systems I use for the 100 units I manage (I own only 4 of those units) which is: *Heavy screening on the front end and creating hoops to jump through prior to showings *Only showing properties to qualified people (people who meet my rental standards of no felonies, no UD's, and must make 3x rent)*Making bullet proof leases that spell out what is expected of me and what is expected of the tenant (so I don't have to do things that aren't in the lease such as changing lightbulbs and treating for bugs if it isn't a building issue--if the tenants don't keep the apartment clean). 

@Ran Fridman It sounds to me like you are in the investigative "discovery" stage of checking out defaulted taxes bargains.Given the myriad laws and methods of taxation and their remedies, you'd do well to focus on one state at a time. 

There's a ton to learn here and I've personally spent hundreds of hours listening the BP podcasts, some over and again to keep all the ideas fresh.

A fresh eye can make the difference between comfort with a purchase and deal-killing suspicion.