I will explore the refi avenue to access the equity.

You need a repair partner who can get out immediately and has quick access to replacement parts (if not already in stock). 

The access to capital is not necessarily a driving force in my pursuit.

Zoho Books, I am not using this as my partner uses it integrates nicely with CRM for book keeping and I could provide access to our CPA for Taxes. 

So...in order to access the equity built up to replace a roof or whatever would require a cashout refi which sounds pretty bad if that is what I must plan on from the beginning.

To improve your approval chances, use rental income from your first property, consider co-signers, and explore lenders that use Income-Based Repayment (IBR) for student loans.

Can you improve commercial properties with great results? 

This will allow you to remove the person and do the financing on your own.Home Equity Loan/Line of Credit: Since you're looking to access equity, a home equity loan or line of credit (HELOC) can be a good option.

No improvements needed that could drive up values (and your equity)?

Your financial background is a huge asset, and it’s great that you’re starting locally in Milwaukee while keeping an eye on future expansion.If you’re looking to connect with like-minded investors, the Rental Property Association of Wisconsin is a fantastic resource for networking with rental portfolio owners, accessing legal resources, and finding contractors. https://www.aasew.org/For mentors, funding sources, and flippers, the Milwaukee REIA is another great group to explore. https://www.milwaukeereia.com/I’m a member of both and find unique value in each—maybe we’ll cross paths at a future meeting!