In the long run, I'll want to be able to monitor a crew even if my F-I-L isn't the GC or isn't around at the time. 

The closing costs on a re-fi really depend on your financial situation and the institution giving the loan.

Maybe this is where you need to do some research in your area- Who has a rockstar property management that could help you out- let them manage your property as your tenants pay down your principal, gain more equity and create room for you in the future to possibly re-fi and "house hack".

@Crystal Smith - yes your points are all spot on - i struggle with accurately gauging whether i think i will for sure cashflow more in a re-sell scenario vs. the cashflow on a re-fi vs. breaking even on either scenario.as far as house hacking, i listened to the BP podcast w/ Brandon Hall and visited the 1031 forum here and as far as I can tell, i can house hack and my tax consequence is pro rata in relation to the portion i occupy. 

I re-fi, get all my cash back, and have a note for $1 Million (I rounded up for easy math) on a 5 year term and 25 year amortization at 5%. 

@Bill F.  I

Re-fi it after seasoning5.

(never stop negotiating - ask for buyer incentives - the furniture, car in garage, money back at settlement, possession - delayed settlement - subject to existing financing - offer a hybrid arrangement, financing secured by other property, no interest mortgage - split note financing - re-fi for take over/assumption)Always consider second stage negotiations for price reduction (give good reasons - exposed repairs after inspection - other issues found)Use safety contingent clauses in the event 3rd party assignee is not locatedSince you are doing your due diligence this target building - you should look for expired listing in the area and make offers on them also.

Scott F. - I use a Schlage digital lock, keypad and lever, from 2009.

Re-fi lenders will still want a 60-80% LTV but, done right, you'll get your down payment back, if not even more.For cash flow analysis using the rental calculator, I usually assume a 25% down payment and consider it an "expense" that is subtracted from the estimated total monthly rent.