However, since that time I've caught the "real estate bug," and would like to do a cash-out refinance (I have fairly significant equity) to get the ball rolling. 

Then they list 7 specific rolls of an investor.

Hello @Jess ZavoralWelcome to the BP Community.Sound like you are ready to roll in investing and am looking for to hearing more of the investment journeyI had never heard of a full time investor until reading of Rich Dad's cashflow quadrant and Biggerpockets specifically for real estate.I''m yet to pull down my first dealNevertheless, its a career with time needed to spot those bargains and value adds.You get better and better with time and effort applied to sourcing leads, making offers, putting the financing together etcAll the best going forward

Let’s pretend you find one at only 3%.You take out $46k ($720k-$674k balance) and it costs $2k rolled in to the new loan. 

However, in the same time, when interest rate goes up, there tends to be an inflation pressure building up, which may push the rents higher.

Here is a list of due diligence item I use on my MHP investments:Check zoning and permitting compliance (city zoning)Check local law compliance (with Sherriff and/or Police)Search City Council minutes for any adverse mentionsCheck with State Department of Public Health's Division of Community Environmental Protection (CEP) for compliance violationsCheck with property neighbors for any disputes or pending legal actions Water - Check with water provider for any open or recent issuesSewer - Check with Sewer provider for any open or recent issues or complaintsElectricity - Check with electricity provider for any open or recent issues Rent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 yearsGet last 2 years of Profit and Loss statementsGet last 2 years of Tax Returns for the LLC/Park12 months of Bank Statements for the LLC/ParkCurrent Accounts receivable statementsBuild proforma for next 5 years using rent roll and expensesGet owed taxes to City/County/Local govGet Insurance Quote of commercial liability insurance2 years of utility billsProperty Tax bills for last 2 years List of park owned home including copies of “rent to own” or sales contractsGet list of vendors and contract status for each vendorTalk with on-site property manager regarding issuesConduct Onsite Property Visit with property managerSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc.

As mentioned above, just pick one and roll with it.  

Just like many of you, my preference when purchasing a new property is for it to be vacant, so that my property manager can vet quality tenants vs the roll-of-the-dice that comes with inherited tenants.That said, where I primarily invest—Detroit, MI—inherited tenants are pretty commonplace in 1 to 4-unit properties, and sometimes those deals are just too good to pass up. 

The big money is in 4+ units where you increase the rents and the rent increase automatically increases the Cap Rate and the property's re-sale value.I would like to see more people pushing people to understand the power of multi-units and the very strange thing is that I skim through every real estate book I can get my hands on and every book I ever read is missing the very most important facets of multi-unit investing and every book is full of pure B.S. when it comes to the subjects to the pitfalls of multi-unit investing.

@Bojan RajkovicEven at 4 units they may comp weigh more on what comparable sold price for as apposed to the rent roll.