If you have to do an ARM, have a Plan B to pivot if you need to sell or refinance. 

@Austin TessMany lenders have a seasoning period (typically 6-12 months) before you can refinance.

Refinance after project, cashed out and continue to receive positive cash flow.

You can probably just go ahead and live in that 5th unit, but I believe whenever you go to refinance it with a bank or what not, the 5th unit will make it require a commercial loan and not residential regardless of what the county records show the property to be. 

I bought 1 House out right, I am refinancing for 100k. had 1 renter paying 1000. using the refinance to purchase the second property, and putting renter for 1400. it will also need 25k in repairs.

It’s great to hear your perspective on appreciation versus cash flow—it’s something I’ll keep in mind as I refine my strategy.You mentioned local meetups in Northern New Jersey—do you (or anyone here) know of any good ones closer to Somerset or Middlesex counties?

Tapping into that equity through a HELOC or cash-out refinance and reinvesting in higher-performing assets could improve their ROI significantly.

Quote from @Timothy Franklin: @Trevor FinnI would agree with your breakdown, but why overlook a potential to run the 91k subject-to with a targeted 6 month hold for flip or 18 month refinance?

The general rule of thumb on refinances is to do it if you can make back the transaction costs within 2 years.

Are you able to cash out refinance your property instead?