I'm concerned about potential issues with refinancing, such as property valuation, interest rates, and lender requirements.

If values of real properties continue their long term increases, then owning more property even if it means having paid higher prices will turn out to be a winning strategy, provided the buyer is able to maintain ownership through periods of possible negative cash flow and or refinancing necessity. 

Refinancing it with a renter inside will get you more money back than what you put in, and you can keep doing this over and over.So, the verdict is: if you buy it right and rehab it right, the general rule should always be to keep it (for now).That’s my personal opinion.

You just won't really have a ton of positive cash flow right off the bat if you are refinancing at 70-80% LTV at today's interest rates.Multi family you can get both but those are tougher on the equity side of things since they cost more to rehab compared to a single family home.

HELOCs can be used on investment properties without requiring full refinancing.

After stabilizing the property and confirming its strong rental performance, I refinanced it into a long-term loan.

Without proper permits, there’s a chance the city may request you to revert any non-compliant additions (like the extra bathroom) to align with code standards.When it comes to refinancing, banks tend to look closely at the property’s legal compliance.

I don't think refinancing will make sense here at all, Assuming your property does appraise for $166k, and you take out a loan at 75% LTV, that will give you a loan amount of $124,500Assuming your loan fees are the following: Origination: $2,490Underwriting: $1395Processing: $500Title/Escrow/Other Closing Fees: $1800Prepaids: $1,300Subtracting the payoff + loan fees that would leave you with $17,015 at closing.

@Brody VeilleuxTo maximize returns on multifamily housing, focus on mid-grade updates, amenities, curb appeal, utilities, exploring additional units, creating flexible spaces, and refinancing with a value-add record.

This includes some amount of cash flow and then a larger payout once the property is sold or refinanced after X number of years.