I'm learning that I may need to increase rents to a minimum of $500/door because the lower the rents the lower my net income when expenses are still about the same across high end and low end asset classes.

I suppose it is not too bad in class A areas and A to B buildings (hundreds of units) as income and class of tenant tends to be better.Everyone can have the so called high yield and high headache residential lower income tenants.

If I am able to find a deal, and buy a condo for 80k so lower it from 110k to 80k, and then renovate it would i be able to refinance it, and pull money out of it?

This would equal a lower interest rate and a $600 monthly cash flow.

If it was, we would be re-negotiating with the seller for a lower price which he may or may not accept.

I assume 55% total expenses but my actuals have been much lower.

Just something to keep in mind regarding timing your visits....might want to get there before Fall, lest you get caught in a long escrow and then might have to wait until Spring to find tenants at the optimal rent.While I am in agreement with you that the winter we see a much lower tenant demand I don't see something as small as a slightly longer vacancy period as relevant to making an investment this large.In the grand scheme of an investor's time buying & holding an investment property what time of the month they purchased it 1 time is less than a drop in the bucket.

If so then you can get in with a lower down payment?  

The landlord has been charging  approximately a much lower rent than that of comparable properties in the area.

In C areas, prices even lower and rents almost the same.