I want to get into larger multi-family deals and have been thinking about refinancing the property and taking out 200k for updates and reinvestment into a larger deal. 

Most of them are refinanced now for 10-15 years. 

I want to build my own portfolio by means of buying, rehabbing, refinancing, etc. 

Another question...if we refinance but it isn't our primary residence anymore, will the terms be worse than refinancing an owner occupied property.

I  refinanced for 75% of appraisal.

Seasoning may also be an issue as most lenders require 6 months before refinancing.

The refinancing idea only works on a relatively quick time scale if, for that same $120k subsequently appraised value, you only paid $90k (or less), all-in!

You have equity in your primary residence, so refinancing could be an option to obtain the additional funds needed.

Team, I am an example of how to use Business Credit to your advantage:This year I formed 2 LLCs, bought my first two properties under my name, did a 1031, refinanced my two properties (newish properties) under an LLC after 6 months of seasoning, used BUSINESS CREDIT to fix up the first two properties, prior to the appraisal, to refinance both properties under my LLC in a blanket loan.

As a novice in this market segment, I have ZERO issues with partnering with a more experienced investor, and giving up a sizable portion of the deal in order to acquire it, and then refinancing them out once I am eligible to do so with the property in our possession.