(Basement to get sump pump) I’m already way past closing and the cost is $6k.

How much are closing costs? 

I just had an application process and utilized rent prep for the background/credit check, I found it to be a useful tool and worth the cost (about $40).

We know that we are taking a smaller risk, which naturally means a higher cost.

And how much in closing costs would I have to pay out of pocket.  

Hi Jagger-Great question.I am a fellow Michigander from Ann Arbor.Nothing against Maine but the Midwest has seen some of the strongest rent growth in the country.When I consult with my clients, if they don't have the budget for a market like Ann Arbor, I direct them to Lansing, MI.The cashflow is strong, the economy is stable, it is the State capital so there is always economic development creating new jobs, the price point is relatively affordable because the cost of living is lower there, and appreciation is predictably linear.I also advise investors to buy duplexes and up so you always have a rent check coming in most of the time if you have a vacancy.

My first recommendation would be to speak with a lender regarding the costs/fees associated with the refinance.Strategy-wise, you're in luck!

Therefore, link up with local investors, understand local market dynamics, and keep informed about investment plans, sources of finances, and how best to manage your property.

Some real estate investments grow a little slower and even though there is monthly rents collected, there is deferred maintenance costs and management requirements depending on what type of properties.

Get the cost analysis and blue prints done and work it out with the construction loan committee and start the work draw phase.The other options which can be a little easier is buy a home that will pass an Inspection/appraisal and not be "Subject to" but does need a lot of TLC/renovations and do it yourself.