The sellers agent said "Any encumbrance on the title at this point is the sellers business and will be handled buy us prior to closing.

This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

I'd recommend holding and rehabbing it, but I think more information would be important to give the best advice here on this one.

It's not impossible to find, but you may not recover ALL your cash in the refi and may have to wait an added 1-2 years to get it all out. 

We were boing to BRRRR in Ohio but decided to hold off on that as we didn't feel comfortable managing it from this far so held off on it.

I will check them out.

This fully renovated 4-bedroom, 3-bathroom home features high ceilings, modern finishes, and a downstairs bedroom for convenience.

They took it, and then dragged it out for another 3 months, kept promising they were moving out and found. place and yada yada but never ended up leaving.

We are looking to invest out of state, looking into Alabama,  with LTR and/or STR. 

Is anyone doing this?