If you plan on holding onto that property for the next ten years and content with the size of your portfolio, then you may be better off to not do the refinance.

What about (seriously) (2) bunk beds in one of the bedrooms (like an army barracks) , and turn the other bedroom into the office, and do no mods to the house.They are just going to move out eventually anyway.Then take that money and invest it, or give it to them to use.5 bathrooms in a house that size?

Depending on the loan size your looking at you may want to make sure you have 15-20% down.

Sf beds baths close by garage or no and sometimes similar size lot.look at price per sf on average for those renovated comps.

You will have to bring 35k to the closing table to get a 75k loan.

Same floor plan and size.

I also try not to buy for appreciation because cash flow is what puts food on the table.

A $100k rehab project is a good size one, especially for the first time rehab, it can easily go over budget.Even if you do a smaller downpayment, expect the lender to require lots of reserves. 

I have only seen a problem when a Landlord has under the table Money agreements with Tenants or accepts Tenants with no visible income, to begin with.

Organic farm/hire the laborHand picked cotton farm/hire the laborIf it's fenced, graze others cows and horses for a fee.Bring in some old "Stuff" to hide behind, and make it a paintball war park.Turn it into a vehicle wrecking/recycling yard.Set up hay bales and make it into an archery park, charge admission.Invest in some folding tables, chairs and tents and advertise it for quinceañera parties and wedding receptions.