Thanks gentlemen for clearing up some confusion. 

I know I'm not giving you clear direction there, but thinks it's smart to really be specific on each property based on what it is, where, type of tenants, condition of the place, etc. 

Yard could use some tree and bush clearing as well as removal of a wooden fence.If anyone is familiar with the area I would appreciate any input you might have regarding ARV  or your experience with some of the repair items listed

The goal, I assume is to one day own them free and clear.

If your managing your own properties that you have a clear ownership interest in .. no licesne requiredif your managing properties for your clients IE collecting rent.. negoatiating leases etc.. then yes you need a brokers license with a PM component.. and you would have to work for a broker for 2 years then sit for your principal broker exam pass that and the property manager component..does not matter resi or commercial.. reason is your handling lots of money for investors and or negotiating contracts state wants those folks to be licensed and accountable. 

Like dice, black-jack, or baccrarat.  

If you're talking about just clearing a line with a mechanical roto-rootor or with a water power blast, that might be a quote and a project the PM could handle.

To be clear, Fannie caps you at 10 cash out refi's?

I am looking for the most economical way to leverage a free and clear duplex I own (worth appr 120k) to cover the down payment (appr 35k).

On top of the normal rental income cut, what are acceptable fees PM charges in the area?