You need to structure the deal as follows:700k purchase 100k construction (deferred maintenace)800k total acquisition20% down consisting of two parts... 80k refinancable equity from your condo and a 80k seller note 2nd mortgage (your dad) Wrap up those big ticket deferred maintenance items right away.

HELLO EVERYBODY IM AT A STAND STILL HOPING SOMEBODY CAN GIVE ME SOME ADVICE ,CANT SEEM TO FIND THE RIGHT ANSWERS ANYWHERE.IM A BEGINNER AT REALESTATE INVESTING AND PLAN TO MOVE FORWARD SOON WITH PURCHASING PROPERTIES ...

I have meetings with several banks this week to discuss refinancing, However I worry that I will run into the same debt to income issues. 

After 1+ year, plan on potentially refinancing, and duplicating.

Refinancing and paying off that FHA loan as well as pulling all my cash back out from the rehab and hopefully more, does this work this way or is there some rules or regulations on this specific kind of thing that would prevent me from doing this?

Purchase price: $35,000 Cash invested: $75,000 2 family acquired for 35k, renovated for 75k and cash-out refinanced @ 70% LTV for 235k, with gross monthly income of 2.8k

The mortgage note is in my nameWhat are the implications of refinancing the property in the partners name?

I'm also 3 weeks away from refinancing the last one and then I can start seriously looking for my first small multifamily.

Then you can use the strategy that @Brandon Turner and @David Greene have talked about:  refinancing the property and pulling that money out tax free to fund at least part of your son's college (who knows what college costs will be in 12 years!). 

It'll be all about expediting to get the rehab and refinancing done ASAP.