You raise the rents and expenses stays the same - it’s worth more.  

If you were using the property as you primary residence at least 2 years in the last 5 and its value has raised substantially since you bought it, you may want to sell your property to a corp to get the section 121 exclusion on the capital gain and start a new depreciation schedule on the new fair value.https://andersonadvisors.com/121-exclusion-depreciation-tips/

I am currently trying to raise some money, so I have some time but I know I need to learn more about this.

Louis born and raised and now reside in KC.

I had a friend that was trying to close on a property, and his interest rate got raised by 2% on the day of closing because rates changed, they wouldn't allow him to rate lock sooner, and they changed the credit score requirements on him. 

Much depends on construction....multiple stories, raised/accessible foundation, basement, slab foundation, etc. 

I would be looking to rehab, raise rents and refi out a short term loan to a 30 year.

I managed the relationship with the sellers and raised some of the private money.

If we expect to need $200k for our first deal, how much money should we target to raise?

Normally this wouldn’t be an issue we would just fire him and raise his rent.