Additionally, we have a decent amount invested in retirement accounts, which we plan to continue building over time.As part of the move, we’ll be purchasing a larger home.

Purchase price: $185,000 Cash invested: $35,000 Sale price: $671,000This was our 3rd home.

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.  

Now days you don't buy a deal you make the deal either with how you operate the property, how you finance the property, or how you purchase the property.

Purchase price: $275,000 Cash invested: $294,000 Sale price: $355,000 Seller was behind on pay HOA payments and in risk for losing the property.

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

You don't need to actually rent to purchase a renters policy.

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!

I have helped many new investors purchase their first property in Memphis and LIT.

The purchase contract makes the buyer legally responsible for the loan.