Yes that's correct assuming you bought them at the right price where you were able to get all your cash back out.As far as the future goes you would have a mortgage on each house after you do the cash out refinance.It's crucial to make sure you know what that payment will be in advance to factor it in to your deal analysis.

Although I haven't done any rentals yet, I would agree that tenant selection is probably the most crucial step here. 

And you can use portfolio/commercial loans sooner if you like but in general they have higher rates or some other feature that isn't as good as a Fannie/Freddie loan. 

I'm not sure of the various features of VA loans, but based on the post I'm guessing your limited on how much VA loans you can use.

There's a free version that gives most of the features but it does have ads.

What deal metrics are crucial to crunch before making an offer on a duplex?  

There's a free version that gives most of the features but it does have ads.

There's a free version that gives most of the features but it does have ads.

Any selling features (master bath, walk-in closets, yard with deck, etc)?

The other feature runs both text and audio at the same time -- this is super excellent for customers who might want to read, but find it difficult and appreciate hearing and reading at the same time (and we know a LOT of successful business people are dyslexic as all get out).