Indecent exposure especially in the presence of a child .

Local lenders think local they might not have the exposure to other markets. ie: any property under $400k does not need an appraisal, they really do not care the valuation, they are just going to keep rates low and over inflate the market, its best to buy as much as you can in anywhere except CA or NY!

Prepare now so your exposure is less (husbands job) and then look at doing something.When you do sell take advantage of the 1031 exchange to shift your holdings and increase cash flow without paying tax on the profit from the sales.

Many real estate offices have administrative positions that would give you some exposure to the field without requiring you to get a license .

Agents can list properties and get 100x more exposure.

The unfortunate thing here is that investment properties foreclose at a higher rate than primary homes so many banks just don't want the exposure to this.

You can sometimes find longer terms with institution investors for loans on properties that provide rental income streams like office buildings, retail centers, and multi-family buildings (banks refer to this lending as CRE), but those institutional investors usually want larger loan amounts, usually in excess of $2 million.

Assuming the property would still cashflow, if you did the cash out refi and deposited the $119K, you would have $24K of excess cash beyond the basis of the property.  

Pets: Obviously, this does not add value to your property, but it does increase your exposure, security deposit, and gross rent. 

I'm assuming that electrical would need to be done, but there doesn't seem to be excessive water damage.Since I'm currently a student at USNA, real-estate investing is almost impossible until I graduate, so I'm just trying to learn.