C.  

Being an IT System Administrator, systematic research, analysis, and planning with Plan A, B, and C are up my alley.

But like you said @Kenton C. it'll still flows very well and the learning experience is just as valuable.  

Hence, I would only refi to 70% so A) I have a lower payment, better cash flow B) Banks are happier/will require a lower reserve C) having more equity will make it easier to obtain a commerical line of credit once the portfolio is larger.

House is in a C class area.

I would not choose C as you can cut your deductible (liability) in half for only $20 more per year.A or B would depend on a lot.

Next time I'm over there, I'll try to remember to take pictures or video.3.  

I'm a bit biased b/c of my day job of doing energy audits and solar panels.

When we rent these days we take a video of the place before the renter moves in (time stamp) to ensure the place was in working order along with a agreement that states what the renter and landlord are responsible for. 

It's usually tough to get into auction.com properties, but you can try that too and see if they can do a video of the house for you to look at.