I am licensed in NC/SC. I

Why do you want FI?  

This one will tell you very quickly fi they are legit or notDo you have your own crew or do you subcontract the labor?

He would make some improvements and then buy me out when he re-fi's.

a little more work, but i get to use the house in september and the winter months to get out of the city.Now. my question.............i want to buy another 3 unit MF, which has 2 tenants included and the seller is willing to hold the note.Should i do a cash-out Re-Fi on property #1 which is paid off?

This hard money lender also owns a mortgage brokerage, and is willing to get things set up so we can do a re-fi immediately after we close. 

Thanks @Colleen F. I

No reason why not, but you will probably need to work with a Commercial Lender to do it, may not be considered a re-fi, also check your state rules regarding the transfer tax, may cost you change Vesting

I'm ok to get breakeven and even loose 20-30k as long as i can make it livable....i dont know yet as i have no access to prop...This is row house in PA. 2 story plus finished row house with 1500 sq ft total plus fi ished basement 3 bedroom and 2 1/2 bath....Am i screwed for life? 

To follow up with the suggestions made here I've uploaded a new version: https://www.biggerpockets.com/files/user/JoeH29/fi...Added instructions pageAdded monthly cap ex rowAdded explanations to some of the rows in Deal Evaluation  Added Permits and Inspection costs to the up-front cap ex calculations