Rather than wonder, find out, make a decision and move on. 

After reading Rich dad poor dad when I was 16 and began reading more of his books it was clear that a duplex was the way to jump start my career as an investor and more superior than a single family when it came to cashflow.

Also, the houses that we like the most usually have the strongest appreciation.

Taxpayer benefit: Exiting conservatorship will be a significant revenue event for taxpayers, providing the US Treasury with more than $300 billion, for their ownership interest.FNMA is still publicly-tradedRemember, the FNMA stock still trades today.

There is also a ton of different financing strategies available other than your conventional mortgages.

If anyone is open to doing business down in florida (Melbourne Area) id be more than happy to connect you as well.

Has anyone found a way to refinance and get cash out for a rate better than 7%?

The $1,500/sq. ft. estimate seems reasonable since 4 Dewey Ln and 597 Beavertail Rd support that pricing.One thing to consider is whether any of the comps had unique features or lot premiums that could push their price per square foot higher than what your property might command.

They would not fund the entire purchase but would do more than $30k of it etc. 

Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.