if it's a "cash-out" then it doesn't matter what it's replacing. also, my last cash-out was 4.5% and I know regular investment rates aren't much lower.

There just aren't many out there and all the ones on market are just ridiculously priced.

May have overshared here but lemons aren’t changing without some sugar and aid.

But older vehicles that have acceptable impairments (dings, dents, maybe sheet metal damage, etc.) but aren't leaking fluids and start and sound 'normal'... there are some reasonable buys if you stay patient, even (occasionally) from the high volume sales areas like Raleigh. 

May want to consider the 203k Contractor Education Course offered by 203kContractors.com.

As for being "risky", aren't you already taking a big risk - by borrowing 100% of the purchase price of your home?

They also aren't properly educated and have no idea what they're doing. 

May have overshared here but lemons aren’t changing without some sugar and aid.

But even the deals we find from other sources aren't even close to the 70% rule. 

And it stands to reason, people who do this will stand out, because it's more work, harder to automate--in short, most people won't do it.Don't "they" say you have to be willing to do what others aren't?