Would refinancing a few years after purchasing make my numbers look better? 

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

That, and lots of refi-only loan officers don't know what they are doing, but have been forced to offer purchase mortgages because no one is refinancing, so they just regurgitate FHA rules as if they were applicable to conventional, because they do not know any better. 

And is that refinanced commercial based on the 750k total put in? 

Refinancing costs many thousands of dollars, and it sounds like you already have a great owner-occupied mortgage.To answer a question you didn't ask, you might consider exploring passive real estate investing options instead of hassling with landlording and loans and contractors and tenants.

How would trying to do a 1031 exchanges be affected on properties that have been refinanced?

It seems then refinancing is allowed.

Something to think about is that you may have unforeseen costs, holding costs and additional closing costs on the refinancing. 

After you've improved the property and increased its value, refinancing can potentially allow you to pull out most, if not all, of your initial investment.

because with 30YFRM 7% rate, the aggregated principal payment is so low that it's almost meaningless anyway, so IO product can make verything great again.............. as long as you plan to sell it quick.But this product is terrible in two conditions :1) when rate is lowAnd/or2) if you plan to sell on year 15.Hm, I understand your point in theory about selling in 2yrs v. 15 yrs.... but whats so bad about getting I/O arm and seeling in 15 or just refinancing it when the I/O period ends?