Since you are not doing super high end finishes as mentioned, doing high end flooring and all other stuff just above builder grade does not warrant tile or full wood flooring. 

If you want to do a conventional cash out, you'll need to wait until you've met the 12 month seasoning requirement.

Maybe you already have it, but I didn’t see it mentioned.

When I see good deals I tend to jump in vs. waiting for this option but I still think this is the best option if you can afford to wait.2) Take out a loan from my 401K. 

I think I may have just answered my own question, but is it worth it to put only 10% down, and waiting for the equity to build to 20% in like a year and a half, or to bend over backwards, take out a loan and go in with 20% from the start?

If anything, at least wait a year so you don't pay short-term capital gains on the sale of the property.I need to find some more deals like that here in Chicago...where in Houston was this property?

I should mention that I am looking as SMF investing, 2-4 units.

Did you go the DSCR route for the refi or did you wait 12 months to do conventional?

So I'm waiting on two others at the moment.

The market where the warehouse is is 25 minutes from the previously mentioned area and has a popluation of 4500 people.