Doing a cash out refi really only makes sense if you’ve either significantly paid down the mortgage, or significantly added value to the property.

I see the following adding to a potential downturn.

Your ex-wife has no interest and the Bank will most likely have your new Wife added to the deed and join on the mortgage.

🤔🤔🤔🤔🤔🤔🤔You might offer an extra month  rent up front to start. 

Unfortunately, the settlement wasn't the only problem with property (voids beneath slab, issues with plumbing, "interesting" repair techniques, and a whole of lot of other things that added up to a "no" for me at the price and my current experience level). 

Rural street with massive lots already has handful of remodels with some listing close to $1M ARV.From BP flip calculator:$900,000.00 After Repair Value ($460,000 List Price $200,000.00 Rehab Budget $150,000.00 Profit Estimated Repairs Total: $200,000.00Could use input on overall deal, as well as typical $cost/ft to add a second floor to bring total to roughly 3,000 sq ft. with a 2nd floor master and bath, perhaps an office or extra BR upstairs as well.

Yes, you end up paying for this in the prorations and prepaids, but if the property is cash flowing then you get to carve out more longitudinal margin and build up a little extra cushion by collecting rents on the first of the subsequent month without the cash outflow of a PITI payment.2.

Needs a kitchen added plus some flooring, paint and basic rehab to make it rent-able. 

What I'm really trying to do leverage up to more units either by adding a 2nd property or unloading this one and getting a larger commercial one. 

I would have gladly paid the extra meter and impact fees to be provided an additional meter but that was not possible.