I would want mine first in this type of deal, and maybe just agree that my rehab fee is $300k for a list of improvements. 

In the latter case you maybe need some training in exam taking in general where you would learn some techniques to improve your test results.When I was teaching some classes I had some student that were very knowledgeable but were always scoring very badly in tests due to poor test taking training and stress.

Cdx will delaminate if exposed to moisture. ( Leak, poor ventilation).

I’ve got plans anddrawings and improvement costs all laid out.

I'm also not handy at all, so any improvements would require hiring a contractor.

Will your seller accept installment payments for 12-36 months with a balloon while your credit improves? 

It doesn't hurt to ask them specifically about your D/I ratio.If you are moving in you would qualify for an FHA loan with 3.5% down and that type of loan allows you to count your planned rental income into your income so that would greatly improve your ratio.

In his case 26 doors was the magic number.Look at your expenses now and your expenses when you leave the W2 job and see if you will have enough to maintain your life style as well as allow for life style improvement (we tend to spend more when we make more)Congrats on your rentals, it's awesome you reinvested into passive income.

Here is an excerpt from an article on the subject that I believe breaks this down fairly well:Gain, to the extent of the depreciation claimed that exceeds what would have been allowable under straight-line depreciation, will be recaptured as ordinary income, and, thus, taxed at rates as high as 35% in 2003 and later years (ordinary income rates), but the amount of excess depreciation subject to recapture may be less for certain low-income housingGain, to the extent of the depreciation that isn't recaptured as ordinary income, will be taxed at a rate of 25%.The balance of the gain will be taxed at a rate of 15%Example – In January 1986, you paid $1.3 million for an apartment building (not a low-income building), of which $1 million was allocated to the improvements.

Is it a good idea to contact the appraiser and see if he will discuss how I can improve the appraisal for the cash out refi in six months?