Because you would be taking out equity as opposed to refinancing you’d still owe same amount on your home.

Does anyone know a local bank or credit union that would do 75% LTV as opposed to the typical 70%?  

Currently we (all the landlords) are repaving the parking lot, installing security cameras, landscaping, fresh paint on exterior, new roof and updating the laundry room.  

(the decision to add the bed/bath was made mid construction) The exterior was updated with new siding a cedar trimmed porch.

However, if you are starting out you should look into real estate wholesaling, as opposed to foreclosures, pre-foreclosures and auctions. 

Found the exterior to be in rough shape - see pictures (distressed property).

This property has been on the market for some time likely b/c it's considered historic and cannot be torn down and the exteriors must be maintained, so a lot of investors are not interested. 

If each room has different tiling, or if it's impossible to get it down without major damage, this won't work of course....seen this trick done with old exterior siding.3) Any neighbors renovating too?  

Most of this has more to do with poverty and class as opposed to race.

Needs the floors to be sanded, new paint interior and exterior, new kitchen and new bathroom.