With my paid for condos and almost paid for single family rent dwelling I have about $350k in equity.  

I refinanced the home and was able to remove PMI, lower my payment slightly, and pull out about 22k in equity, one year after purchasing the house.

Right now your equity is buying you $510k in property value ($3.4 in PV for every $1 in equity).It should be buying you $750k in property value ($5 in PV for every $1 in equity).When you refi you're buying your equity, and your cash flow goes down...so you'd be losing even more money.Run the numbers.

It can be done with private money if you have some prior experience and are willing to start with a rehab loan to build in equity.

Using that number, that also means you're paying in equity, $250k for a house valued at twice what you are paying for it.5 - If you sold this house, and took the profit, and use it as a 20% DP, that would mean you could buy RE worth 5 times the DP...or, $1.25M.6 - If you took that DP money, and split it between a rental/investment property and your residence, I bet you could make the rental house have at least $1200/m in cash flow and still live in a nice house. 

This means the if the property value stays the same ($1,250,000 based of 80% LTV), you will have another $210,000 or 16.8%(210,000/1,250,000) in equity your tenants have paid down.

I don't see any reason that your lender on the re-finance would require a down payment, usually your built in equity should be enough for them.

I acquired a property with about $50K in equity and I am currently cash flowing $623.00 Lessons learned?

Property ValueCash flow before refiCurrent loan paymentCash in property that you've personally put inEquity in propertyTerms on refi loan

I have about $350K in equity in them.