The refinance after is just to recycle your initial investment and build instant equity and cash flow.

HVAC must have been hawked, none there any more, plumbing that was metal was recycled too.So, roof $6,400, plumbing, $1,500, HVAC, waiting for estimate, but should be around $8k with duct work,  paint inside $2k, new cabinets, sink, facet, d/w, counter in kitchen maybe $15k, bathroom fixtures for 2 bathrooms $3k, flooring (labor ourselves) vinyl laminate $4k, 5 broken windows after leveling house $300, leveling house $8k total for all this : $48,200.Total cost for the purchase and fix is $115k. 

That way I can 'recycle' my down payment into another one.

If you want a 'as you go' type of a payment, then break down the tasks to something like, depending on your tasks:demo complete XX$rough electrical and plumbing signed off by building inspector XX$drywall complete, building inspector sign off  XX$paint complete, cabinets installed, BI sign off  XX$final plumbing /electrical BI sign off  XX$final BI sign off on entire project, permit closed  XX$punch list complete, final payment, if done by XX date, $ XX bonus.Just FYI, I work a lot with a specific GC and actually pay him his cost plus 15%, but I also know that they get a good price, not milking it to get more off the 15%. 

This line should also include recycling rentals.Heat/Utilities - These are the utilities that the landlord has to pay. 

This does not sound like the sage advice you would normally give as someone who has been through multiple RE cycles.

Now I’m trying to build the portfolio a little faster and recycle my downpayment so to speak. 

and recycling, and then you'll get green-minded tenants.

I think we may be at the top of a RE cycle and price appreciation may be flat (at best) and falling drastically (at worse).

It's made from plastic milk/water bottles.