For a cash out refi, you are generally limited to 75% LTV and rates right now are in the mid 7s for good credit and a DSCR over 1.0. 

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The higher the cap rate, the more risk involved in the building. 

There are quite a number of things that can make utilizing an FHA loan more difficult such as more barriers during appraisal, appearance of low qualification/little cash, typically longer closing period, likely higher interest rate, and PMI cannot be dropped without a refinance if 3.5% down.That said, just chain 5% down conventional loans, and make sure your duplexes pay for themselves.  

This person likely has a 30-year fixed rate mortage financed at less than 4.5%. 

Someone said you cannot make changes to the report after completion. 

Where the only violation was changing title without paying off the loan. 

When you sell a property that has been depreciated, the IRS requires you to "recapture" the depreciation deductions, taxing that portion of the gain at ordinary income tax rates.

The interest rate on a HELOC or Heloan may be better than the personal loan. 

Also I've heard of some DSCR loans that are not too far off from conventional rates.