It sounds like your ready to work hard and Its refreshing to see.

A very refreshing thread/question that isn't asked nearly enough by those who want to get into wholesaling.

Some mom and pop's can make it but it is tougher as they typically do not have the money the large companies do to refresh the locations and brand to keep standing out waiting for the next upturn.In regards to multifamily I believe people have their blinders on to that asset class. 4 to 5 years ago you could get a B class complex at an 8 cap.

Marc Kohler also has a podcast on iTunes called The Refresh Your Wealth Radio that talks about tons of legal tips and advice. 

Once it's developed, you can use it over and over again and just refresh it every five years or so.

If not it will at least refresh your question and get it in front of new eyes again.

My realtor fed me information on the going rent rates for properties comparable to my target(s) so I'd have realistic expectations for what I could make in rent on each property I analyzed.After considering many properties and making a couple lowball offers on a couple houses that were in worse shape than I would have preferred, I found a real beauty (3/1/1) listed for $110k within 20 miles of me that had recently been refreshed but not completely remodeled.

Overall, the house is just outdated and needs refreshing. 

Option 1 is much more direct; however, if you decide to go this route, you'll end up with more properties and more cash flow as well as the responsibilities that come with that additional property.The refinance also has some risk, you'll be refreshing the loan there and basically starting over on that... however, if you're able to successfully re-fi that mortgage back to a conventional, and sustain the increase in the mortgage payment, while you apply for another FHA and hunt for another property to get into, then you should be fine.But that's what I think will be your biggest challenge, just making the jump from the current property to the multi.

I've never been able to refresh a whole house for anything less than $10K, but you might be able to do lower, since I am getting social prices.