Purchase price: $375,000 Cash invested: $30,000 This was a 2 unit that I purchased in 2016 for $375K.

Purchase price: $230,000 Cash invested: $283,550 Sale price: $283,500 Purchased off market. $25,000 Rehab. $20,000 profit after realtor commission.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

We have invested in mobile home and multi-family syndications, and we want to diversify into a different segment with good cash flow and some growth opportunities.

However, you have to be extremely careful financing 100% of the transaction as you still need reserves, closing costs, etc. and make sure it cash flows.You didn't mention if this would be a rental or owner occupied. 

In my experience, the average Section 8 resident behaves differently than the average market rate resident, and the government-backed rent is not worth the added hassle.  

if so you will need multiple properties - don't believe all you hear about the cash flow in Detroit. 

I looked at a few auctions  in the past, but they were cash only.Good luck!

Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi. 

We've rented out some of our best investment properties (New Construction/Turnkey) to Sec 8 residents, and the rent guarantee always helps in achieving consistent cash flow each month.