Also, I personally wouldnt cash out refi right now just because the interest rates are high but thats just my opinion and it really just depends on the numbers if you want to make a calculated decision. 

.- If I use any of the above, can I use a portion of the money to pay off personal debt?

if there's a market you're considering investing in, you should go there in person, walk around, go to meetups, take people out for coffee and ask them questions. 

I would make sure to have a camera system outside if you have any worries about theft, but I personally think you need at least one exterior photo. 

I am an ambitious DIYer and have upgraded every part of my personal home in some capacity. 

.* FHA loans require both parties to owner occupy for 1 year* A 203k loan is not a first time buyer program, you can own a home and still use the program as long as you live there* The loan must be made to a person, not an entity. 

You can take any amount you want out of that profit but realize you will be taxed on anything that hits your personal account. 

Should I go with this architect person to handle it?

I personally love the Cleveland market for its cash flow ranging from 10-18%.

Hiren, I've personally been focused on the northern MSA markets of Round Rock, Georgetown, Cedar Park, Leander.