While it will not reduce the actual cost it will help with the monthly cash flow.I am curious if this was a single-family house converted into a double.

Those couple hours of research will save you hundreds of hours of time down the line, so it's well worth the effort.

Those 7 years were cash positive, but we just weren't making enough cash flow to make it worth the trouble. 

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

If there aren't any massive physical problems with the property, it appears you can grow income and equity.You might be able to buy this with little cash out of pocket if the seller owns it free and clear and was willing to finance nearly all of it.  

Purchase price: $150,000 Cash invested: $90,000 Bought as a forclosure gut job.

Purchase price: $1,150,000 Cash invested: $200,000 Sale price: $1,599,000This beautifully renovated single-story home features 4 spacious bedrooms and 2 modern bathrooms, situated on a 9,000+ sqft lot in a tranquil cul-de-sac.

However, it could also be a 4 plex worth $800K. 

Purchase price: $107,000 Cash invested: $80,000 Sale price: $280,000 Sourced an off market fix & flip deal in the western suburbs of Atlanta near an area where I knew an Amazon facility was being constructed and buyer demand would pick up.