You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

If you’re just starting or want to minimize risk, house hacking is a killer move—grab a duplex, live in one unit, rent the other, and let it pay down your mortgage while you scale up.

It’s flexible—you can invest in rentals, commercial properties, or syndications—but managing it requires careful attention to avoid prohibited transactions.In comparison, a SEP IRA offers tax-deferred growth, which might be better if you expect a lower tax rate in retirement, but it doesn’t avoid UDFI tax on leveraged properties or allow borrowing.Before investing, check if SDIRA Wealth aligns with your goals and review their track record.

In the case mortgage foreclosure, I usually offer to pay for the existing mortgage and give them a little extra to move.

You are likely overpaying by $5,000.Broker fee of $3,000 and Processing Fees of $2,000 seem out of place...but then again, i never used a broker to get a loan so I am not sure about that.If the broker was able to get you an interest rate or loan product that you wouldn't be able to find on the open market...its high, but likely fair.if you are getting a loan product that you could have gotten by going to a normal bank...seems high and unnecessary. 

When that portion was complete, I could then receive draw money which allowed me to pay my utilities, taxes, and mortgages.

Look, we’d all like to search the internet, find a deal for sale, analyze the property as having a great cash flow at current interest rates, with lots of upside potential in a gentrifying market.  

Those stilled cashflowed mostly due to insanely low interest rates.3) Investors started chasing Class C rentals in 2022 when Class B rental prices AND higher mortgage rates didn't allow cashflow at purchase.4) Investors are now chasing Section 8 tenants as the cure-all for Class C tenant performance issues, so their Class C properties ACTUALLY cashflow.

If you're comfortable living where you are, equity in your current property or your savings rate would be the two other ways to get your next one which is going to be much slower.

Hi @Evan Coopersmith, I'm an investor and licensed mortgage broker here in Chicago (Oak Park).