Depending where exactly the house is the reality is most Graduate Students/Young Pro's are looking even earlier than late July or early August.

I have used both depending on which had loan terms more favorable to me at the time; for example, I used a 65% LTV private money loan when I had a lot to put down on a house but wanted to avoid making payments on the loan during the rehab b/c I needed the cash flow; I used a 100% LTV hard money loan at a time when I had more cash flow because it required less down and all the rehab costs were folded in so I knew I had the money to pay for the rehab. 

Blake,All depends on what your motivation is with this property.

Well as you know, it depends!  

Rents I see usually for 2 bedrooms are between $750-$850 depending on size and amenities.

We can talk about that more in detail because it can be a long conversation, but it depends on you, your palat for risk, and the numbers that make sense for you as an investor. 

But was this cash out refi a bad choice regardless of circumstance as I depended on that money and it was already making money (and was paid off)...now I have a mortgage and make significantly less money per month.

@Lincoln Selk depending on location that isn't a very good deal.

Account Closed - so much of the question about tenants is going to be dependent on the class of property you are buying...Vacancies - I run about 7-8%City - if you have a code violation they give you plenty of opportunities to fix.

., Some depends on their attitude and intent in owning the condo.