No clue if his bank does properties in PA, but if you DM me, I can share his info.Assuming that you're able to get all of the above to work, just as with the HELOC, you can do whatever you want with the funds derived from a cash-out refi, so in theory you could pay back your HELOC with those funds.

While it is true that without a purchasing sales agreement in place, the appraiser does not have an anchor to which he or she could use to derive their opinion of value, it really shouldn't be necessary. 

I ask because the cap rate is based on cash flow, while other investors seek ROI Based on the appreciation.I understand that multi-family valuations are derived from cash flow.

From this post, not much of a conclusion can be derived to answer that question.

MB, like many monolithic towns that derive a disproportionate percent of their income from vacations, can tend to have residents who are a bit like the tail of the whip -- subject to the movement of the industry, but reacting economically in more extreme ways.

@Nnamdi Okwerekwu Listing photos are useful for ruling properties out, but there's nowhere near enough information to derive an accurate rehab budget.Sure, you can see the original 1960 kitchen and bath and come up with a probable remodel cost. 

I have a beautiful wife andtwo boys at home (the boys own the responsibility for my continuedhair loss), and believe I finally have the right pieces in place tostabilize life for my family (retirement planning, expense control,etc), so I can now begin part 2 of my journey by jumping into REinvesting.While I am new to REInvesting (aside from the books I read by Brandon, David, Scott &some of the other Bigger Pockets team), I have been around investingfor the last 20 years (mainly investing in stocks, but also somefancy derivative trading when I am feeling bold).

You might find that if you don't get good enough deals to begin with, the amount Fannie Mae will lend under their DF scheme won't 100% cover the amount you originally borrowed against your prior property to buy the subject property (even though their Rules let them), unless you're buying cheaper properties each time.Another thing: Your Debt-To-Income Ratio is likely to take a big hit each time, because Banks notoriously make you wait years before they'll take full account of the income derived from property purchases (and even then, only a percentage is credited). 

Anything 5+ units the value is derived off of the NOI (net operating income) that the property produces.  

I may just focus on options derivative trading while in college so I can master that skill while learning about the real estate game.