I agree, it sounds like its a effective strategy.

However, if you consistently have hard inquiries on your report and a low credit score, you may be viewed as a risky borrower If you have a good credit score, the effects on your score could be minimal, especially if you've been keeping your balances low.

All sorts of rehabs/conversions can turn a total loser into a cashflowing property. ...another example: I've built ADUs in previously unfinished basements, which turned properties that were $500/mo negative into properties that now cashflow 1000/mo ...the power move was rolling the construction debt into refis on other properties at lower rates, which more than negated the construction debt...in other words, I got paid to build the ADUs (these days, this isn't usually possible--or at least, it's a lot less likely--now that rates are rising...but who knows, rates might decrease again at some point...). ...Although certain rehabs/conversions can force cashflow, there is real skill and art to spotting properties that are good candidates for these types of rehabs/conversions. ...an effective rehab/conversion is often a lot trickier than HGTV would have you believe, and choosing the wrong property to do this can completely blow up the financial model.Another approach is to learn to find properties that have something that turns off other buyers, but which is irrelevant to cashflow, and irrelevant to your business model.

Here's a thread of another inexperienced OOS investor with similar (arguably even worse) problems at a C or lower property--I'd suggest reading this thread, as it provides some solid suggestions:https://www.biggerpockets.com/...On the bright side, there's a LOT you can learn from this type of situation (a lot of the lessons are outlined in that thread), and if you take the time to learn those lessons, it can make you a better, more effective investor. 

The rent is going up to X effective Jan 1.

The downside of this is that commissions are driven by sales, which effectively puts PM's time and resources second.

There are exceptions, are there renovations you can cost effectively make to turn it into a positive cash flow property?

We have refinanced and pulled out 2/3 of our money, giving us an effective 9% ROI.

If so, what are some solutions that were effective? 

Thanks for the input - getting the push and validation to go forward with the attorney review is very helpful advice and a more effective use of my time.