Purchase price: $65,000 Hybrid Fix & Flip, bought, made minor repairs and clean out.

Purchase price: $645,000 Cash invested: $516,000 80% cash purchase.2,437 sq ft Duplex, with 3b 2b for the front unit (1331), 4b 2b for the back unit (1333).   

When did you purchase these properties?

You want to be careful not to bite off too much on a first purchase so maybe if more four units or less or available that could be a better starting point with less risk and more ability to learn without potential loss.

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

You can find some 2 units under or around $250K but they have been sitting on the market for over 150 days which tells you its not a great deal if it were an investor woud have already purchased it 4 month ago.  

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

My question is: After I build the units, can I do a cash-out refi and use the equity to purchase another home? 

The rule of thumb for me used to be that the property needs to be able to do 20% of the purchase price in gross rental income.

You can increase returns with leverage (that is a mortgage) or with value add (renovations, additions etc).I think cap rates (rents minus expenses divided by purchase price) on commercial and industrial is higher with less work involved, but its more expensive than I can afford--so I know next to nothing about that land.