I have not played one in years!

Your drive will will play a huge role in determining your success.

An understanding of how to write or direct the work of writing buy-side contracts to design out risk and sequence functions properly to gather information to raise moneyRaising money is a bit of an art form and this is one of the primary roles a developer plays in the art of a deal.  

This will play more like having a roommate or 2.

Is anyone else out there using their cash flow properties to support more appreciation-oriented plays?

Are they playing some kind of game?

We all have verbiage in our lease to access the property with prior notice, but putting that into play is something completely different.

Perhaps there's a speculation play here. 

However, when you HAVE finished the rehab, you will be in a good position to play that Realtor off against another when it comes to negotiating THAT fee.  

@Tony Ortiz Cash Out Refinances for Non-Owners is usually limited to 75% of Appraisal Value...About the best you could do is to get your Mother In Law to do the Cash Out Refinance, assuming she is Owner Occupant...Otherwise this is tough situation...I work with investors that are buying Cash Flow Rental Properties, and I am very clear to them that Equity is a Long Term Play, and in most cases not worth doing a Cash Out Refinance because of the closing costs involved...I help investors focus more on Cash Flow...Your Market could be different...I'm in Chicago...Alternative could be to consider Unsecured Business Lines of Credit, which is personally guaranteed...these are generally connected to a major bank credit card...You only pay interest on the balance that you use...Most of them offer 0% Interest the first year...Just some thoughts...