Cash out refi's are generally 70%-75% LTV (loan to value) of the ARV, which means that the lender could give you $38.5k - $41.25k.The lender will use that money to pay off the existing loan of $36k and cut you a check for the remaining amount.This would only leave you with $2.5k - $5.25k cash after the $36k loan is paid off. 

@Brie Schmidt is correct that you have to honor existing leasing that aren't MTM.  

The PM should have told them it was smaller and my guess is the fridge is not that much smaller than the existing one. 

@Gavin Mease, I hear a lot of experienced investors suggest to look to your existing network first.

It is unclear how this added inventory of new housing will affect the existing stock.I think that Ogden will out-perform the Wasatch front outside of the immediate Salt Lake area.  

You are only replacing the existing loan balance. 

Red Cedar  8 feet tall section of  75 linear feet and another 2 sections , about 90 feet  of 7 feet tallSo total of 167  linear feet,  + removal  existing fence  and haul away.    2-3 days of labor with a crew.Bids are between $6,200 and 7,200.     

After several deals I could afford to do a contract for deed with him to live in one of my properties, I pay that living expense in exchange for labor every month (rehabs on properties and maintenance on existing properties).

The best scenario is usually to break even where the rent covers the mortgage and taxes (insurance will be very low or non existent if you buy bare land, but if you purchase buildings you will have higher insurance to consider).Hope this helps.Take care!

I still feel this way even if that means making less in hindsight.In terms of buying something recently, we put a rental building under contract back in April and closed in July - it's a value add play where we get the existing building but it comes with a lot which we plan to subdivide and develop.