Small world haha.Hey @Robert Adams, If your goal is to flip, I wouldn't entertain wholesaling if I were you.

Without experience and advanced planning it could be a net negative, PM nightmare, or combination of challenges. 

Or maybe you want to do a combination of the above?

Echoing what @Devin Peterson said... unless you put a lot down, purchased below market, renovations substantially increased value, or better yet a combination of all that he wouldn't have enough equity to refinance.

If there is 5-6 units, possibly some could be combine and it would still be good for an FHA/conventional buyer. 

Judicious use of refinances combined with 1031 exchanges will have you cooking with gasoline in no time.

Both of these combined cannot exceed the total of $69k/$76,500, however that entire amount can come from the employer side if you don't contribute on the employee side.   

Hi Caleb,Is the rent of $1,300 a month per unit or combined?

@Manny Martinez FHA monthly mortgage insurance is typically 0.85% of the loan amount, so you are effectively already paying the rate you were quoted, $200 per month on an $80,000 loan amount would be about the equivalent of a 3% interest only loan, now factor in the difficulty in finding a 2nd mortgage in todays rate environment that low and assuming the refi rate you are talking about is a fixed rate, your $200 extra per month is paying down the balance of the $80k further reducing the effective rate you are paying on the $80k, all while paying about the same effective rate on your existing balance when you combine your rate and MMI... seems like it is a good move to me or at least better than finding a 2nd mortgage.

We fund with a combination of Hard Money and Private Money.Hard Money will fund 90% of the purchase price and 100% of the rehab on a draw schedule.