It is in decent shape, therefore I know I can't add much equity as I currently do with my properties.I guess my thought of thinking is, after reading some more posts, if my long term goal is to build a portfolio on which I can retire on why still obtaining some cash flow I should leverage the equity I have and add another property instead of waiting for that great deal again.

That's a good thing to keep in mind if you are planning to go that route, especially if you wait until later in life....

Purchase date was 11/1.he said if I wanted to wait more than 6 months I could cash out refi.

I will wait and save money and bring up my credit score.

Onto the point...On each end of the spectrum you have "newbs" who jump into REI with no regard for the risks and without nearly enough education, just waiting to get burned...then you have those (like myself) who have spent years reading and learning but can't seem to take the leap, for fear of getting burned...HOW do you know when you're ready to get started?

The funny thing is that the lender had the inspection report and appraisal for 3 weeks and waited until today the deadline to review the parameters, leaving me indication the loan would fail or for me to find another lender.

You might have to wait a certain time period from purchase to cash-out refi, so it would help to know their process before you start.

I have already invested time and a little money (inspection costs) on this property, but I realize things happen and I'm not necessarily going to hold on just because of that.The options I’m looking at are: 1) Ask for concessions due to the delay, 2) Wait and take the risk, 3) Walk away and look for another dealWhat do you guys think?

Do I wait until we move, and make a bid as a place that will be our place of residence?

The eviction process started in August their lease was up on the 15th of this month, and were waiting on a third court date to be assigned.