Have an accurate rehab budget but be prepared to go over in both time and cost, especially at first. 

For me as a DIY investor, that means I test it with a kit and if it passes, I get rid of it.

I am not sure how accurate 5-10% higher sales price and 30% less time on market is with 3D tours. 

This sounds like you could gain a lot of equity if the numbers you presented are accurate (selling price, ARV and rehab costs).As far as a cash-out refinance goes... whatever loan you take out you will still be paying monthly mortgage on that loan. 

It seems they were not showing accurate rents in the listing.

I haven’t tested this theory so feel free to poke wholes in it. 

Option 2: Looks like you summarized the pros/cons accurately. 

Hi Romain,Finding vacants is a good way to find properties being used as rentals, but doesn't accurately assess current demand. 

Studying and Taking the test is usually by a private company and they should not check.

I would also get the well water tested.