If you cash out enough to pay off entire investment property your balance is estimated $360,000 @ 3.4%.Estimated P&I = $1600/MO FIXED!

@Craig Lessler there is not a very good chance you can do anything about it right now but if you get a good tax appeal professional they may be able to go back more than a year but I cant be sure.

How long are you estimating for the Rehab period?

That said the typical advice is to look for at least 30% equity.Also keep in mind that all vendors equity numbers are based on computer models, meaning they are estimates.

I wonder if there is a service one could subscribe to or access which shows:- Total value of residential mortgage debt in the US- How that debt is grouped by fixed vs ARM rates- How thar debt cuts in terms of prime vs subprime- How are the monthly payments doing (on time vs late)- Proportion of foreclosures (growing or declining) - How much of the debt is primary residence vs investment - Average loan to value estimate My point is simple.

You can save money and learn more at the same time thus increasing your chances of success. 

Meeting on a weekend will give people who live a little farther away, a chance to come by.

If you send me a deal that needs $15,000 in work, and has an ARV of $200,000, there's a small chance you're going to move that deal.

Hopefully, we will get a chance to meet at the next Outback REIA meeting or our Las Vegas REIA meetings.  

There is a reasonable chance that you could be required to convert it back to a 2 bedroom, so you would have paid for the extra square footage I would expect to pay for the original square footage and have the price discounted from that for the extra hassle and risk of dealing with the code enforcement officer