Multi Family REFI Strategy

[William K.]

Im sure something like this has already been covered in the forums but I just have a couple questions..

I have private investors lined out for 9% APR (Interest Only), which I will use their capital to buy multi-family units. 1 year after obtaining these properies I want to refinance these properties and pay off the private investor funds while taking longer term mortgages at lower interest rates with a bank or mortgage broker.

My questions are: 1) are refinancing multi family units more difficult than single family homes?
2) how difficult would it be to refinance these properties under a 30 year term.
3) typically, what percentage of the appraised value will I be able to take out of the refinance to pay off the private investors?
4) does this sound like a good strategy for buy and hold investing?
5) are there any other factors I need to consider to make this work??

My biggest concerns are the ability to refinance these properties (I dont want to get stuck paying 9% interest only), and the ability to be able to pull enough funds out of the refinance to pay back the private investors.

Let me know what you guys think, any advice would be much appreciated!

Thanks!