Is it possible to sell or refinance one unit to pay the other off completely. 

I've seen folks pick up single-family homes here for under $200K, add $20-30K in rehab, and refinance to pull out nearly all their capital.Indianapolis, IN: Indy is another fantastic market for first-time investors.

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. 

Faced with the same problem I had to begin with, credit scores aren't great and don't have a qualifying cosigner for any type of traditional loan, mortgage or any type of equity refinance or HELOC, right now at this moment.

A landlord who is not over-leveraged to begin with may simply refinance their loan even when prices go down just to re-amortize the loan and lower the payment to preserve cash-flow.

Are you able to cash out refinance your property instead? 

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

Secondly, if this fails, he offers insurance through Equity Assurance that basically pay offs the underlying note through refinance.

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?

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.