I've been doing the BRRRR strategy though yet to refinance, bought 2 in last year and will have 0 money left in after refi (massive reno projects), so it all depends on your capability, and how much grind you want to put in, in my opinion...The more work, the higher the return should be. 

Anything left over is cash flow.

Should have the one bedroom unit on the right side up and running in a month, then hammer away on the left side unit.

We need a healthy down payment, but luckily with the shift in pricing we appear to have a lot of room between what's left on the current mortgage vs. what the property will most likely appraise for...The main problem I am trying to tackle in my head right now is if refinancing in July when we close in October/November (and we will need/use conventional financing for that home) really a good idea?

I have a management company currently and the first tenants I had were late every month and then left the lease early.

It does take a hit to your ego as you think "I need to be the big bad landlord and make them pay me or else" but when you take a step back if I would've taken the eviction route it would've been a long process (Plus covid was just starting up), an expensive process, and they probably would've left the property trashed.

Ideally, it would be great if we can get a 5% down FHA loan that way we have some money left over for some renovations or for another down payment on another property after a year or within a year.5.

You can debate all day about whether it is your agent's duty or yours, but if you sense that the agent is not doing a good job, it will be YOU left holding the bag with a bad tenant and the costs associated with that - not the agent. 

This was a $50/month expense I missed and conveniently left off the seller's proforma.

We would rent out our current home in Canada( very tiny mortgage left on it) for a year.