Then compare that w/ keeping the property for cash flow and what kind of cash you'll receive from refinancing.  

However, I was told by an investor that in Florida, the law prohibits refinancing a property by its market value within the first two years of owning the property, and what the law permits, within those two years, is refinancing only by the purchase and rehab costs that can be proven.  

If we were to do a cash out refinance of that property is approval of the refinance income dependent (on our jobs/rental income) or solely dependent on the value of the asset one is refinancing?

I've suggested several other options all of which the family  declined like reaching out to family/ friends for support, refinancing  (existing loans interest rate is 2.6% with a payment of $554); cleaning it out and listing it with an agent; short sale.

The buyer approached me about refinancing and I wanted to look at this as an opportunity to restructure the deal to make it more attractive if I want to one day sell the note.The owner doesn’t have good credit, and I know that’s a big factor in how attractive the note can be in resale, but what other items can I incorporate into a new contract to make it attractive?  

Happy to report that I've managed to get a sweeter refinancing deal: 3% with 1.88% credits!

If you refinanced as a primary residence and the LTV was at least 80% you would now eliminate mortgage insurance as well.

Can you get pre-approved for the refinancing part even if you don't have a deal yet?

We frequently see 15%-25% annual COC ROI on the equity growth, but equity is not liquid and can only be accessed by selling or refinancing.

I refinanced to give me the down payment on the next property.