Too bad, but I understand. 

@Steve Uhlig If i understand your questions correctly, you are asking what ideally you would have into a deal post cash out refi? 

Now that I understand the importance of leveraging debt and want to refinance the house (heloc?)

It's my understanding that you are obligated to the exiting lease and the current owner cannot force you to do anything that is not in writing. 

There are always deals to be had, but as the market gets hotter & hotter, you have to be extremely picky, and usually its the sophisticated investors who can still execute on the decent deals because they have the contacts, the track record, understand the risks, can pay cash & can close quickly.

Hey @Bryson Cox,I don't have all the details but I read your post twice to try and understand.  

It seems to be high for a 2 bedroom on a spotty area but  if UoM is driving the demand , it is understandable ..

And I am sure anyone from the Philly area can understand, L&I are very unhelpful, to say the least, to help me resolve the problem.

@Raymond KingAgent from Phoenix here, and the thing to understand about the 2% rule is that it's really intended for properties in the $50-100k range.

You need(ed) to start from the end...your ultimate financial goals, and reverse engineer from there.You also need to understand that every entrance into a deal, sets up the exit...which is based on the entrance to the next deal, and so on...