I’m trying to figure out if I can cash out refinance to an 80% LTV conventional loan on this type of property or should I refinance down to what the remaining balance is and then do a HELOC to pull out the rest of the equity(I’m not sure if that’s even an option).

I might let the new buyer do the rehab or I might fix it up and get the rest of the equity.

I'd definitely be interested in OOS markets in the rest of the country but I understand the need for having an established team before partaking in a venture like that.My interest with BP is to continue to learn about REI and learn what opportunities are available to me.

You would take $500K in boot and would then need to purchase at least $700K of real estate using the remaining proceeds in order to fully defer the rest of the tax.An awesome strategy! 

And u get a good laugh Everytime someone tried to save $100/hr and do something themselves. 1: often times it cost them more to do the repair. 2: I believe in doing the thing you're extraordinary at and hiring out the rest.

You'd still plug your contract price in for "market value", and then let the rest of the calculations work themselves out. 

The rest are inner city working poor neighborhoods.I think You’re 5-10 years too late for “hidden value” especially from oos.  

@Josh RodriguezThoughts: Rents used are too low, value used is too low, and if you can get a 1400 SF in Tampa for $80,000 block construction then I'd be curious to learn the rest of the details right away.Where are your comparable rentals from?  

i would very strongly recommend that you put the new wiring in for a couple reasons. 1 is obviously most people who are looking at older building wiring is going to be one of the first concerns that are going to pop into their mind so its good to be able to put those concerns to rest. second reason is just more personal. if you are holding the property to rent to people and old faulty wiring caused a fire and someone were to be hurt i think that would weigh very heavy on your conscience. i understand we are all out here to make money but wiring is a major cause of fires and i think we as a community have a responsibility to put people into homes we would happily put our own families in.  

Just don’t say a hairdryer etc in the bathroom because we all know there must be gfci in the bathrooms and kitchens and I’m talking about the rest of the house.