The main items ypu want to focus on now when running your calculator is the debt service (mortgage), taxes, insurance, maintenance, Capex (if property is in excellent shape and doesnt need any major improvements then this figure does not need to be quite 10%), vacancy (talk to PM), landlord required utilities (if any), lawn care snow removal (if applicable).

Unless you have a deal in the works, need cash fast, have other debts, or have fears about the market a conventional cash-out ReFi is the optimal choice.

If you want to keep your money, then buy well located, cash flowing assets with good debt and excellent management and don't buy on the hype. 

You have made the choice, now it is about finding your investment method.

I work with a lot of investors and they tend to gravitate to some local guys, but the choice is yours of course.  

My business has been in business for 30 years with excellent financials.

I agree with your choice, especially with foundation issues.You could also just take your time with renovations, little by little on your own free time.

If they need money choices are reverse mortgage (not a recommendation, just an option) or sell.  

@Michael Dumler all excellent and valid questions.

-Purchase price is $475k-expected gross rents 4440/month if all are LTR, more for STR-Current rents per month: 1 is $850, 2 are STR, one owner occupied-Fair market rents per month: $1020-1200 as LTR-We have an existing relationship with an excellent professional property manager-We have excellent credit and high salaried  W2 income (attorney)Thankful for any advice you can offer!