Just keep a good record of your SREO and hang onto the HUDs that you've had from both your purchase and your sales.

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.  

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. 

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

You can purchase a primary home with seller financing, then rent out the spare rooms to generate income.

Quote from @Jaren Taylor: Quote from @Stuart Udis: Depending on the transaction sizes you are pursuing, raising money to purchase property without debt requires either an incredible network of relationships or devoting a lot of time and effort to raising money.

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!

To defer all tax you must purchase in total at least as much as your net sale.

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.