I think it depends on your situation.

@Charles S. my reserves depend on the property.

It truly depends if you have a good network of sellers that you work with. 

I plug in $750 per door for cap ex, and depending on the size of the building, put in another number to cover maintenance. 

@Steve G. yes depending on how you have them structured. 

Depending on what your market cap rate is , lets say 8.5% ( some parks trade at this today, some higher , some lower) gives the park a market value of $1,867,764.  

Some costs will generally be the same, ie furnace, but other things like laminate counter tops vs granite will change depending on what the comps call for. 

@Matthew DrouinThat is a great position to be in.Now with regards to the refinancing options and how much you should take out, I'd say it depends on what your plans are.If you are planning on holding onto to that rental for the foreseeable future, you should stress test that property to figure out how much minimum income it needs to generate each month to meet your mortgage payments.That monthly would dictate how much you can conservatively take out after refinancing (and providing that you lender is OK with that too) without exposing yourself.Now if you have other deals that you want to pursue and you need as much cash as you can lay your hands on, you should take out as much as your lender would allow you to.Personally, I'd go for the option 1, especially if you have the  ambition is build a sound rental portfolio.

The rate is dependent on FICO but be prepared for a rate of 10-15%.

Good cash flowing market but you really do have to be careful with the area...lot of variation in crime and neighborhood quality depending on where you look.