For a duplex that you're renovating and potentially BRRRR'ing I would look to target to get 80%+ of my cash back on the refinance and then cash flow a bit less - maybe $100-$150 per door.  

Once your rental property has increased in value, or the tenant has paid down the equity, now you can refinance the property, pull cash out, and that money is tax free.Hope this helps,Dustin

Competent sponsor, capital call large enough to completely escape existing toxic loan with cash-in refinance to a lower-balance loan with a long maturity—good outcome possible, even probable, if there is no other “hot money” in the deal such as preferred equity or priority share classes.There are surely other nuances I’ve missed here, but this is a start. 

After the property is stabilized, we refinance out to either back to community or Fannie/Freddie.My goal is to not pay off the loan, I would rather cash flow.

What we've done is use the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method.

Since my purchase anniversary is coming up, I want to use the same strategy...acquire another property with 3.5% FHA (because its a point lower than conventional), however, I now to refinance out of my FHA loan to conventional so I can free up my FHA loan for house #2. 

Would I still be able to cash out refinance the 25% DP I put down (assuming lender does 75% LTV cash out refinances)?

This usually results in the borrower just doing a rate and term refinance or cashing out on the low end.

@John K.You can choose an investment strategy like house hacking, buying, rehab, rent, refinance, repeat (BRRRRR), or flipping houses.

This may be the best use for us before the refinance. thanks!