If they only provided you with a Zoning Analysis of the lot and that shows you can only have 2 units Legally, there is still a good shot this will be permitted to remain as a Non-conforming 4-unit building.I sent you a PM so you can send over the documents you received (Since I didn't see anything attached to your post).

Am trying to gauge if it makes sense to proceed or keep as is.Average ARV of properties: 140K-180KCurrent Loan Interest rates: 4%Refi ScenarioTotal Refi Cash amount: 68000 (Avg: 17K per property)Closing Cost that I will pay: 32600 (Avg: 8K per property)Monthly Payments: Total remains almost same due to lower interest ratesFifth property that I'll payoff may result in additional $400 per month cashflow.I notice all the loan amount getting increased by almost 7K more than what I'm getting cashout amount.Does it make sense to proceed with Refi cashout for these properties?

Our hope of course is that we'll make more on the flip than we would if the money remained in the account.

@Frank S.First of all, kudos to you to decide to take action when many in a similar situation would probably remain comfortable and do nothing.I don't like to give advice when I'm not sure I have enough knowledge of the situation at hand.

Do you typically just remain vigilant to various opportunities in your area of interest on several different MLS sites and tour various homes on your own? 

My heart is leaning OC given the family tie, obvious synergies with travel, etc. but my mind is leaning Tampa given the hard numbers. 

Devil's Advocate:  If I put 20% of my money down, I struggle with the concept of positive cash flow as my down payment is now tied up and is NOT being taken into consideration for the "cash flow positive" scenario.  

If so, there are ways to get the court to release the home or at least tie it up until the probate is finished.

If buyer is under-reserved or dependent on the cash flow to remain afloat, this could be a real problem.Hope this helps.

Here’s the problem my money is tied up in another property out of state.