I'd like to add a legal bed and bath down there to get higher rents and bring the property value up, so that I can refi and get most/all of the money back that I use on the updgrade. 

Actually, since it's in a gulley, I"m assuming that means it floods?

Others I contact say it will get done, provide some comps but not an actual figure for value of the property.           

That just costs you more money and time.As for how, just demand payment from any prospects before you run a background check.

Investors, (two of us) ultimately funded about 32% of the project with cash and additional money was raised from members of the local REIA, simply by word of mouth.

I used that money to buy two other rentals. 

Which also means he may not end up with much money  back to the sell it all or cash out refi  Are you you going to try to have two insurance polices: (cousin a’s home owners policy and cousin b’s landlord policy?

Just use a lender that actually knows what they're talking about when it comes to investment property. 

She does actually classify as such.  

They are actually neighbors to my parents rental so we have some relation to them.