When I have completed the renovation, can I pull the forced equity out and use it toward another home while collecting the monthly payment and putting toward the equity refinancing?

I do certified funds for both, then payments online after that.

Potential Refinanced Mortgage (we've gotten quoted info from our normal lender): 5.625% interest,  $84,000 balance (so lets say we get $25,000 cash out), payment goes to $816.23 so cash flow would decrease to $398.77 and would allow us to purchase an additional property that is my estimation could make up for the lost cash flow. 

This is pretty simple for your CPA to figure and the depreciation tables are available online in IRS publication 946: How to depreciate property. 

@Carolyn Morales so you do a title search on every piece of property before you bid online?

Payment was $2780 Refinanced later to 4% fixed 30yr .

Is there a way to do it online? 

@Branden SewellDid you get any leads on books, online tools etc.

Based on a very cursory online search, our Campbell/WestSanJose area has 3-bed/2-bath rentals for around $3500-$3600.

For those who have experiences of renovating and refinancing an apartment, what are your return rate?