making primary home 1st rental property

[Joshua Fletcher]

Hey, I have been reading local posts and am really impressed with the wisdom imparted for free to strangers. Here's my situation i would love input please. 

my family live in West Bountiful in a twin home. We bought it for 235k, have 190k left on mortgage. My real estate agent estimated worth to be 280-300k based on comps with electrical, bathroom,  flooring renovations.

mortgage is 1100 no HOA. I think I could rent for 1500-1600/month based on comps. We have 40k in savings and 20k emergency fund as well. No other debt and combined we make 105k Annually

I want to buy another small home (1500 square feet, 3 bedroom) in the area with cosmetic fix up for 330,000. Put 10% down, rent out my current home, appraise it and cash out refinance my as soon as I can to help get 20% down on the 2nd property so I'm not paying any PMI. After refi I'm thinking the first home should cashflow around 200 monthly i plan to self manage. My family is local with some construction background.

Questions:

1-how long until I can refinance investment property once I get tenants, seasoned?

2- is Cash flow on 1st property after refi too low? 

3- 1st investment property any suggestions for legitimate local training available? I want to know local ins and outs and create a comprehensive checklist

4-how feasible does this sound?

5- cash out refi on investment property can you pull out 75 or 80% of the appraised value? I've read both. 

thank you for reading and replying.

[Greg Troester]

Originally posted by @Joshua Fletcher:

Kevin thanks for your reply.  I wanted to cash out refinance my initial property before buying another house rather than after for a better rate until I realized I couldn't move for a year after the refinance. 

That's not true. I've done it. It was legitimately a situation where we had pumped the brakes on buying a new home, so we refinanced our current. Your plans can change. If your mortgage company won't advocate for you on this, then try Carter Campbell at ALV Mortgage - tell him I sent you. Run the numbers and see if your mortgage payment can be lowered by refinancing but rolling closing costs into the loan. 

Edit: 
Don't get too worked up over needing to buy right now - if you look backwards in history, you'll always find a situation where "if I had bought then, I would be making XX more now". Yes, home prices are likely to raise, but so will rents, making your current home a better-margin rental and you've already purchased it - so think of your first rental as already being bought and paid for, if it helps... You're going to have to go for the properties other people won't. You're going to have to avoid anything that says 'perfect rental property' or 'MIL possibilities' - because the price will be jacked up and bigger money will just pay for it in cash because they're migrating from even more expensive markets. We aren't them, so don't play their game.
My wife and I bought a disaster of a house that was bank-owned and hard to purchase... we did so because we had inspected it when it was in pre-foreclosure and were able to throw an offer at it the day it went on-market. We had a plan because we had thought on it for months before it was available to purchase. Our unfair advantage was information and willingness to DIY and live in a rehab for 2 years.
What is your unfair advantage going to be?