2) If you do owner-occupied cashout refi for best rate, you technically have to live in the home for 12 months before renting it out. * Some responders here may suggest not worrying about that and renting it out anyways.

Also the hit rate per property is really low.

Don't expect rates to come down. 

Rates are too high.

Last year, I purchased a SFH under market at 7.65% interest rate and did some rehab to up the value.

We have done a ton of research about phoenix and it seems like a good area as the unemployment rate is low and population is increasing.

The drop and Swap is about all we use here due to the confiscatory tax rates based on sale price.

A line of credit is adjustable rate with interest only payments that will have a "draw" period usually of 3-5 years for investment properties (usually 10 years for primary home) then will amortize over the remaining term after the draw period.

In this case, you can use Rental Income from the units that you will not be living in and that income can count to help you qualify.FHA rates are going to be lower than conventional for you almost always, but FHA does have a 1.75% funding fee. 

We talked about an aggressive paydown at a rate of $5k for the next 6 months to make the deal sweeter for the next person, but renting it would be preferable to that I believe since I can get a higher return on smaller development projects at a burn rate like that.