It's a super affordable real estate market where you can still find deals that hit the 1% rule and positive cash flow/great cap rates.

If you do have enough other income then you dont even need to lease out this property to start your refinance.However if you dont have enough income to qualify with no rental income offset then yes you will need to obtain your lease(s) and security deposit + 1st months rents deposited before you can utilize 75% of this gross income - your monthly PITIA payment (in terms of qualification on this property refinance.So all in all Id make sure what your current debt to income position is first of all (DTI) and then strategize to see if you even need the leases at all.

Using a 203k, you'll usually have quite a bit of equity that in 1-2 years you should be able to refi out of the FHA loan product into a conventional removing the MI associated with FHA loan products. 

Business Growth: As I’m focusing on multifamily, industrial, and retail assets, any advice on how to position my company to stand out in a competitive market?

I know what it’s like to be in your position, and I believe in paying it forward.

It has gained some value as properties have been rehabbed or new construction has been built, but there is still a long way to go and a lot of equity to be gained.  

@Mia LawAlso look into the option of gifted equity. 

In speaking with a lender, I am told that the equity in the property can be used as collateral against the loan if owned for at least 1 year. 

Some have more than $1 million in equity, while others have less.4.

Leslie, sounds like you and your sister are in a great position with the capital and mindset to scale quickly.