He is paying a rate higher than a bank but lower than hard money and he can refinance after his equity has increased. 

A HELOC is going to be in a similar range for a primary, but offer a longer term.If your plan is to pay off the line in the near future with a refinance, I would not be too considered with term length or rate.

If that's 25 dollars or 300 that's entirely up to you provided you comply with the law.2) You could pull the equity out in a cash out refinance, and use the proceeds to purchase another property and keep both.

You live in a unit and simply refinance in 12 months and move out.

Interest rates will eventually go down and investors will be able to refinance and still have the good price that they bought at, locked in.

I am not in Military so my knowledge of Va is limited based off how long you have to live there, if you can refinance into regular loan later on once you have some equity etc.

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

You don't need to know everything to get started; you need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Calculating ROI (CoC, Flow, Appreciation, etc)Would love to know how, and how often people are looking at the numbers to determine when to refinance, sell, or just track performance. 

Looking for long-term conventional refinance (potentially cash-out) for a SFH.