@Dave Foster Definitely not looking to do anything illegal, so thanks for highlighting that important detail. 

Stress testing your expenses in a worst case scenario where you need to replace a large ticket item down the line is a safer way to ensure that the property will always cash flow.Also the only thing catching my eye is the ARV stays at the purchase price even after putting in $5,000 for rehab.

Here are the numbers I've calculated  based on 80% refi of all 3 properties, at 30 years, at 5.25%:Item                              Current                 Post-RefiCash available         $        0                   $300,000 +/- Cash Flow/Year       $   65,000              $  52,000 +/- Re-invest $300k from Cash out as 20% DP on more properties (there's an even better way than this too)& using the same ratios of ARV to NCF, you could increase your NCF an added:  $78,000/year; to $ 130,000/yearYou are sitting on a Gold Mine here, and you're thinking like a "homeowner"...not an investor...although you're not alone.Your Options:  Limited by the maximum Cash Flow from existing properties after complete payoff Max CF/Year                                                                                    =  $   95kCost to do this (pay off all mortgages using your cash)          =  $  456kNet result                                                                                        = - $ 361K  (that's a loss)REFI ALL Option:  Limited by ???????                                                                                                             

Depreciating items like ac. however don't give you all that much tax deductions.

You can check the events section of Biggerpockets or on meetup.com for more details.

Regardless of the rent, I still need to account for a low end kitchen, bathrooms, carpet / flooring, paint, as well as some amount for shared items like tuckpointing and the roof.

Separately, I've noticed that you could build (nearly) turn-key log cabin home kits to put on these plots of lands in the 1000-1250 sq ft range for  ~100K (I say nearly as I'd be doing the roofing, some electrical/some plumbing/minor details-- I have experience with these).

I assume effective age may help distinguish class A and B but otherwise are there any specific items so I know whether I should market mine as A or B? 

I lean on my agent for technical details/local knowledge.

Hi All,Just going through the closing cost details for property #2, and there is a line that says "Personal Rep (optional) $300"  Can anyone explain what this is and whether or not I should actually pay it?