Finance Good idea or Bad Idea

[William Przybyla]

I am looking at a commercial property to purchase, but I need to figure out how I can leverage what I have in order to make ends meet, this is my situation below:

I own a duplex outright. Total Equity conservatively speaking is $135,000.

I own a 4 unit that I used an FHA loan for 3.8% and I have to pay PMI through the life of the loan (around $79 per month). I have $101,000 left on the loan. Property value is $215,000.

I own a duplex that is $125,000 left in the loan. Property value is $340,000.

I have 60K in cash with setting aside for reserves.

The property I want to buy is around 400K for 5 units and would cashflow $1800 per month after expenses. 

I am contemplating doing a cash out Refi of the duplex that I own outright to put what I need down on that property, but then I started to think a bit more about this and thought would it be best to Cash out refi and pay off the loan of the 4 unit so I am not paying PMI any longer, then cash out refi that property, pay off the other duplex, then cash out refi that property and buy the 5 unit commercial building. This feels like I am over complicating the situation a bit, which is why I have come here for some sound advice. Please let me know your thoughts on this.

Thank you in advance.