In fact, a number of exchangors made a business of acquiring cheap, mostly useless residential lots (those with no utilities and about 30 years from any hope of development) just to put them together with some $ and trade the combination for a income producing property.

They’ll be insured on a BR form which may cover some combination of the actual cash value of the existing structure and the replacement cost of any renovation.

@Jack Rozema  I have a combination of SFR, duplexes and up to a 5 unit that are all commercial loans. 

Some background on me, my fiancée and I make a combined income of around $170k and we live in southwest Austin, 10min from downtown.

Powerful combination.

Combined rents are $1900The refi portion is what I need assistance with.

Thanks to the relatively new statewide AB1482 law in California, if they've lived there for over 12 months, you can't terminate their tenancy (even if they're month-to-month tenants) unless: 1) The property qualifies for an exemption, or2) You have "just cause" You can read this for some basic info on this new law: https://cal-rha.org/legislative/ab-1482/However, given that this is a very complicated law and it's affecting every unit of your property, combined with the fact that it doesn't seem like your property manager is much help, I'd suggest you seek out a local/experienced landlord-tenant attorney for their guidance on the matter.Good luck and hope this works out for you.

Based on my calculations, it'd be around $13k/year for all three combined.  

Combination of a Sofi Loan (50k), 401k loan (30k), Bank Loan, and Credit Card Balance Transfer (20k) How did you add value to the deal?

We are in a position where are making 6 figures combined - and very fortunate that we do not pay for any housing expenses due to my wife's (amazing) job.