Lenders usually require 6 months in reserves / savings for property mortgage, taxes and insurance.

I would rather pay a little more now to build a foundational system for growth. 

Lender Fees $1,640.00Discount Points $4,680.00Appraisal Fees $825.00Credit Report Fee $25.00Tax Service $68.00Credit Technology and Verification Fee $75.00Title Fees $836.50Owner's Title Insurance $513.00Lender's Title Insurance $2,507.00Transfer Taxes $9,626.00Recording Fees $519.50Total Closing Costs $21,315.00Prepaid Interest 2 days @ $87.53 /day $175.061 year Insurance Premium $1,500.00Property Taxes $3,632.04Insurance Escrow Reserves 2 months @ $125.00 /month $250.00Tax Escrow Reserves 2 months @ $302.67 /month $605.34Total Loan Prepaids $6,162.44Down Payment $90,000.00Total Estimated Due at Closing $117,477.44Loan ProgramPurchase Price $450,000.00Total Loan Amount $360,000.00Interest Rate 8.875%APR 8.337%Product Indigo Edge NonQM 30 Yr FixedYour Monthly housing breakdownPrincipal & Interest: $2,864.32Insurance: $125.00Taxes: $302.67TOTAL $3,291.99

Below are some general comments:From a high level, if a building is built in 1901, its hard to believe nothing needs to be done.Second, if the seller just spent $120k, why did it only sell for $120k?

It auto populates the SOW's and pretty much builds the budget.  

I am wanting to do a cash-out/refi on a property CRA is auditing my 2022 taxes, bank won't initiate an application if taxes show owing. 

2) In a cash-refinance, let's say the new appraised value of the apartments is $1.8M, does this mean you can apply the $300k into the HELOC and not pay taxes?

Don't forget transaction costs, seller concessions, vacancy loss if you sell vacant (which you should), capital gains taxes on the profit if there is any, etc. 

It might be easier to treat it as a full scenario with Purchase price, Down payment, Term, Prorgam, occupany, number of units/rents per door, Taxes/Insurance (Any flood, HOA) etc. 

Understand the tax implications of divesting from the properties as well as taking on seller financing.