I think the biggest hurdle when doing these cash out refi's is finding solid supporting comps, since these low priced homes are typically in areas with lots of foreclosures and bank owned properties, which skew the values of retail/rehabbed properties.

If the comp.s are in "retail shape" then ARV is $480k, not $510k.  

Are they looking for an investor-friendly agent, or are they "buying retail"?

What's worse is the the retail prices have come down a bit due to higher interest rates making flips more difficult.

I want to stay away from retail, but finding starter office condominium to be somewhat interesting as they are greatly depressed in my area.I want to start small and possibly move more capital in this arena in the future. 

$5K is way to small of a profit for a buy, rehab and retail. 

We've got a couple of things happening: low inventory, a steady stream of employed people moving in, enough press about these things that everyone thinks they're sitting on a gold mine with their property, and enough retail buyers to support the gold mine theory.Austin generally has been largely insulated from the plunges in the housing market over the last 20+ years.

The site is not intuitive and you can only search by commercial properties - not specifics: Multi, Retail, Office, etc.  

You'll develop a sense of the neighborhoods, what you can get at what price point, what retail ready vs rehab ready is going for, and what the best value play might be in that area.

Shortsell situation.HOA $250 annuallyTaxes $2000 annuallyFHA loan so PMI of $420 annuallyHome owner's insurance $-500 annuallyPM assumed 10% of rent (I will manage, but keeping it in the formula)Vacancy 8.3% assumedAdministrative Fees $240 annuallyI have utilized buy and hold spreadsheet (30yr long form) on BP Fileplace.Home in NE San Antonio, newer homes, newer retail and GROWING.