One months rent is a drop in the bucket compared to potential damage, problem renters usually just skip last months rent anyways (depleting that fund) and when the tenant has no real skin the game, they tend to not care much about damage.

Let me know if you want ballpark on fees, you'll have to compare the tax savings vs basis issue and added risk.

Logan...these single families will each be owned by a Single Purpose Delaware LLC so yes will liquidate and 1031 into new properties and when a certain dollar amount is saved from 1031's of appreciated properties move on into multifamily..so I have a sound strategy in place.Chris, since these properties will be in an area that is today not quite frothy yet like Sparks Nevada there will be very low cash flow for the first 12 months as I have to keep rents in line with comparable properties in the area.

@Cherie Durand, absolutely look at other homes to compare the listed price.

@Stanford Walker There won't be much of a difference in how your property is appraised as compared to an average property in the same neighborhood.

Its hard to be certain what appraisal value I would get when doing a refi because the comparable sales will almost certainly be in poorer condition.

More things "to do" while I don't actually get anything done.I can go to rentometer for comparable rents, I can look at the county website for tax information, I can look on zillow and realtor.com (and talk to appraisers) for a good estimate of ARV, but I know that repair costs can eat up years of profitability. 

I assume you mean you are comparing getting  HELOC vs refinancing some of your cash out. 

Contingency Plan is actually just as good though: Tenant will be at $940, and all other comparable units are at $970, and the entire 100+ unit property is at full vacancy.

So I found a Duplex in LA priced well compared to other comps.