We are looking into refinancing the larger property and can do 70% LTV at 30 yr 4.125% with no points and minimal closing costs if we open accounts at the bank offering the loan...The question we have is regarding the remaining $15,000+ balance.

The way it's set up is that if you refinance your loan through your existing servicer, they (in my experience) generally minimize the rquirements needed to refinance.

The part of the equation that we don't have is the terms of the mortgage, if there are not too many years left of them based upon a low interest rate and there is equity in the property then it could be attractive from the scenario you reference of owning the properties with minimal money out of your own pocket and then trying to refinance once you've owned it a year to a mortgage with longer amoritization to increase your cash flow

The policy requires a 4-pt inspection on the property and I have found that the electrical box needs to be upgraded.My question is can I or should I make this repair prior to the closing so my policy can start on the closing date or should I wait to close?

I used to think IRS liens were a bad thing at auction, but I've come to realize they might not be so terrible if you can wait out the 120 day redemption period without doing anything to the property.

Waiting to hear back from my attorney on this.

maybe im just trying to minimize risk too much.

. - There would not be a rush to flip the property.Questions: - Would I be able to collect any monthly income, or would I have to wait for sale of the property?

There is a place in the economy for specialized lending, you can advance yourself so long as you are not seen as a vulture waiting for that over charged handcuffed borrower to fail.Organize!

Waiting for the investment to pay off for 15 years is a very slow slow process.