Overcoming the hump to Grow my REI business - feedback?

[Shane H.]

I've owned a duplex since 2006, and partnered on a single family buy/hold rehab last year. I've become determined more than ever to make REI my full time endeavor, have been saddled by analysis paralysis and money fears etc. I'm ready to move forward

One plan I conceived today - open to all feedback -- Financials below.

Properties I own or am partners on -- 

My personal single family residence - 1700 sq ft 3 bdrm 2 bath 2 car garage - good B location Value appx $130k - owe $81000  (projected rent $1200-1500)
Duplex - each unit 3 bdrm 2 bath 1 car garage -(ea unit around 1200-1300 sq ft) B location Appx value $190k   owe $75000  - rents $895/unit ($1790 for both units)
Single family residence around 2600 finished sq ft - 4 bdrm 3 bath 2 car garage - B+ to A- location (partners - 3 ways) -- owe $59000  (rents for $1495)

My thoughts were to refinance my duplex - complete a cash out refi - borrow 80% of $190k - use the funds to pay off my personal residence

Take out a line of credit on paid off personal residence of $105k - finish a few  minor upgrades I've been putting off in my house over the next 6-9 mos while I live here, saving a down payment for a new place.  Purchase another foreclosure - rehab it maybe have $120k all in on the property thats worth $150-170k or so - move there then rent my current place out

Use line of credit to help with down payment on new house rehab/take conventional financing since it will be primary residence -- move there, then rent out present personal residence.  (Thinking bank would call Line of credit once it's an investment property so be prepared to complete  a cash out refi on it)

Use cash left over after cash out refi and potential smaller line of credit on new personal residence to purchase another investment/rehab

Hope my plan/idea makes sense -- do you see any banking challenges?

Quick financials below for anyone who likes more details

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Duplex - rough market value $175-205 -- depends on appraiser/method - I believe its market value is $190k or so.   Presently owe $75k on a refi'd loan balance of $85k locked in for 15 years (13 years left) @ 3.375%

Quick financials presently

$21480         Gross Rental Income
(16241)        P&I pmts, 5% vacancy, insurance, taxes, lawn care and 10% cap ex & 10% mgmt fee (I self manage though and do not take a fee, however figuring for #'s sake)
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$5239           yearly cash flow

Projected cash flow after Refi

$3230

(I'm down to very little cash - cash built up was put in the single family rehab last year), I've also completed upgrades/updates through the years and have tried to maintain this place fairly well.

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Single Family Residence Rehab

Almost $100k exactly invested in property (just under...holding costs, interest, insurance, taxes, rehab etc)   Valued at appx $140k -- complete a couple more small upgrades can likely boost value to $160k.   Just rented May of this year (bought last August 2014, rehab took a while - tenants moved in May 2015)

Principal balance of $59k - interest rate 5.5% 30 yr am w Balloon payment 2018

Projected 12 mo financials

$17940       Gross Rental income
(12774)      Projected expense - 5% vac, 5% cap ex, mgmt fee, taxes, ins, P&I pmt & lawn care
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$5166         yearly cash flow

Projected cash flow after Refi

$3666   (figured borrowing $100k @ 4.5% 30 yr am which I can lock)

Thoughts for this place are to cash out refi @ 100k - buy out one partner - taking us down to 2, I'd take $10k cash back myself to replenish my duplex account, I earn a $90/mo mgmt fee -- wouldnt change the cash flow much. --- 

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My current residence

Rough value $130k, --  after moves have been completed above - it would have projected financials below

$15000         Gross Rental income (figured $1250/mo - however $1400+ I think is realistic)
(13132)        Projected expenses - P&I pmts of $100k am @ 30 yrs @ 5.75% (shooting high)
                    5% vacancy, 5% cap ex, lawn care, insurance, mgmt fee, taxes
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$1868          yearly cash flow - should be worst case

After all of this I should be left with $80-100k in cash to purchase rehabs or further buy/n holds