If this is the case,  remove any vinly top layers then use two coats of BIN alcohol based shellac.  

Otherwise you are pretty much in a lease to own situation which gives you limited rights to the property no matter how  much money you put into it. 

Whether I use all cash to purchase or use a HML, if I perform a refi to cash out, I am limited to cashing out only the purchase and closing costs.I've re-read your post several times.  

I'm hitting the conventional loan limit soon, and am wondering what my other options might be. 

I'm not sure about the rate changing but the HOA may have a limit of what percentage of units can be rentals.

Being an hour away that may limit some of the higher time intensive areas.

You should be given summary info as to coverages and limits, however.  

This includes but is not limited to researching vacancy rates and duration in the vicinity, checking crime rates, verifying rents, performing comps, tax rates, etc, and the list goes on.  

In fact, from my limited observation, procrastination seems to be fairly ubiquitous in our society. 

It's a quick slide into a worse housing nightmare within the city limits!