EFFECTIVE GROSS INCOME: $89,330EXPENSES:Property Management: 7.5% = $6,700Insurance: $5,112Maintenance: 12% = $10,720 (I will likely modify this number after inspection one I have a better idea of the actual shape of the property)Taxes: $8,568Trash: $1,085Water/Sewer/Common Elect: $6,910TOTAL EXPENSES: $39,094NOI: $50,236Cap Rate: 8.37%Debt Service: $33,672 (5 yr arm - 25 year am, 5.0%)Net Cash Flow Before Taxes: $16,564Cash on Cash (Assuming 20% down): 13.8%ROE (NCF + Princip paydown): 22.1%DCR: 1.49Debt Yield: 10.5%Using 50% Rule: $83.28/unit/month

And what a waste of time.  

Like the others have mentioned, one problem with being an absentee landlord is showings and moving tenants in and out.Other aspects like marketing, tenant screening and rent collection can be done pretty effectively remotely.The properties I own near me I manage.  

So issue is essentially what you were asking access that equity other than selling it and "how to" measure the refi fees & cash in hand vs effect to cash flow & refi fees.I have seen a couple posts asking about using HELOC loans which I guess have less fees but just started researching those but I guess they are lower LTV so might not offer access to as much cash.I guess it all depends on goals and what you want to accomplish...

I would appreciate feedback from investors who has used this medium and the effectiveness of this marketing technique. 

Nothing in it for the agent other then a lot of wasted time.Let's take wholesaling for example.

Is it more cost effective to just have a PM take care of this or do they generally charge a premium?

You blatantly deceived everyone reading this post and wasted our time by trying to give you advise on how to get started with nothing. 

If theres even a possibility that a bad deal could have a significant negative effect on your family's situation then you have to pass on the deal.

If I were 23 again I would not waste time rehabbing a kitchen and bath for 2 years.