I did in order To get cash quickly for another deal I was in the middle of, however that messed me up on other aspects of my business.

I put about $30K doing facelift sorts of things and now rents are $850 with plans to go to $925 when the current leases expire.By combining the lots (which costs less than a total of $25K since they were very small and were divided by a county easement which ran right down the middle of the entire property) into one parcel the property is now worth $534K. 

I would say the average home price in the area that we have to live in (this is a centralized location in the middle of where we all work, not very negotiable unless we found a very good deal) is around 600k for a 3-bedroom 1500 sqft home.

In my opinion, trying to get a line of credit on a property that's in the middle of rehab I think would be pretty complicated and not worth the time for the amount you would be granted (if you were granted something). 

I understand the basics, but I know there are always things that come up in the middle of a lease and all of a sudden you realize this isn't so clear in the lease.

Your financing options are more limited if you run out of money in the middle of the project vs finding funding on the purchase.

They were middle of the pack, as far as quotes, and the premium was $2200/year.

When you decide to make a change over, please do it during middle of the month or third week or so, but definitely before they have collected your rents for the next month.Otherwise, you could face difficulties collecting your money or be responsible to pay them fees for the rents collected for the month which they will deduct from your funds.

I think there is a middle point for each individual.

Everything in the middle of city is hit or miss as far as vacancy and general crime / quality tenant issues.