What I mean is, many people buy the property pretty cheap, make significant improvements to it, and now want to do their cash-out refi based on 75% LTV of the new value.

As time goes on, my systems are improved, my comfort level grows, and I am able to pull the trigger faster, as I learn to recognize what fits my goal easier.  

Improved kitchen?

Perk is that our tenants are very interested in improving the property, so between what we have done and what they have done, the exterior looks much better than it did when we purchased the property.

If it is an absolute NNN lease, then the landlord should only be responsible for accounting fees (tax prep) and legal fees.Also, you want to read the lease to see if the landlord is responsible for any capital improvements.

I used the rent money that I was collecting to make improvements and later did a cash out refinance to purchase my next property.

Option "D" - improve cash flow by putting more equity into the property...assuming this is an option.

The maintenance and capital improvements are much higher as well. 

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I know I'll probably have to wait until my credit improves and I've had a steady job for at least 6 months but I can't help but try to plan some of this out now.