@Jay Soriano- thanks - the loan officer on the rental  purchase  will need to know what your new primary  payment  will be  so that the  correct  payment can be  factored into the  qualifying ratios  ......if your  ratios are  fine and  you have lots of room -shouldnt be an issue  ...on the other hand if your  ratios are  tight - this  new cash out loan might be a major  issue  

Both lenders already ordered an appraisal upfront, which might be the local practice given it takes a while and we have a tight closing window.

It's getting tight, that's for sure.

Had to buy at high point in market as needed to complete a 1031 exchange and now just gonna sit tight until see what happens over next year or two. 

Seems a little tight, but I don't know overall cost of project.  

We keep it pretty tight but it's a good network of small and large investors alike.I think the focus on making sure you're getting a decent deal and not a couple decent ones with the rest a bag of **** is key. 

I also recommend you have a written agreement for each job the Tenant is doing: what will be done, where it will be done, what materials will be used, who pays for materials, what you will pay for labor, a deadline for completion/inspection/approval/payment, what happens with the improvement when the tenant leaves, etc.

When I offer something, I set a deadline for the response and a consequence for not responding.

If you are going to hire the Tenant, have a written agreement that clearly spells out what they'll do, materials they'll use, who pays for materials, whether labor will be paid for, what happens to the improvement when the tenant leaves, and a deadline for completing the work.

@Brandon Drzewicki yeah, just hang tight.