First, determine what your lender offers in terms of Loan-to-Cost (LTC) for acquisitions and the maximum Loan-to-Value (LTV) for a seasoned cash-out refinance.

What happens after that will depends on which of you has more reachable assets or, in case neither of you do, the bankruptcy law.  

But the refi will likely cost you $3,000 - $5,000 - so there goes a good chunk of change that maybe you can refi into the loan... but it is really just a hit on equity.   

Pushes the cost of damage protection insurance onto the hosts and guests.

How do i estimate renovation costs?

Water damage/mold/ect. is much more costly to repair than to prevent.3.

Property Details: SFH 6 beds 2 Bath 2016 sqft - Rented by the room.Purchase: 340,000Amount Financed: 272,000Down Payment: 20% (68,000)Purchase Costs: 12,777Loan Type: 30 yearInterest Rate: 8.75%Rents: 3,300**********************Investment Returns - Year 1Cap Rate (purchase) 8%Cap Rate (Market Value) 7.1%COC 1.8%Return on Equity 1.3%Return on Investment 25.1%Internal Rate of Return 25.1%

In essence, after two years I would have turned a $192k down payment into $284k equity (minus agent commissions and closing costs).Net proceeds after selling = $284k - $38k (6% agent commission) - $5k (estimated closing costs) - $7k (cost to hold for 2 years w/ negative cash flow) = $234kAfter selling the property, my plan would be to roll this equity into other investment properties through a 1031 exchange.Questions:Is this a good opportunity?

Some investors may allow up to 85% of the sales price depending on your credit. 

It depends on their lease and when it is up.