It might be a bit risky as a first-time investor, so I’d recommend this option only if you have a clear exit strategy, like refinancing or selling the property within a year.4.

cash out refinanced, made our money back and it cash flows a month Lessons learned?

Not having to work in this example means having the 15 rentals producing enough cash flow to pay all their costs, including all 14 old mortgages and the 15th (new) mortgage that is refinanced each year.   

Again if this is a wholesaler who is assigning the contract, that's a different story and very well could be a situation where financing is not plausible so I would begin there.In terms of the strategies you are contemplating I don't understand the process of purchasing with the $200,000 cash on hand and then refinancing 75% of the purchase price 6 months later?

I recently joined BP, and I’m reviewing older questions:FHA Streamline Refinancing is an excellent option for lowering your monthly payments, especially with the potential rate reduction you're seeing.

From what I was reading about refinancing requirements - seems like some of them require the property to be managed by a management company. 

If you can't improve cash flow through refinancing or rent increases, selling and reallocating the $40,000 equity into a better investment might be wiser.

If property values are stable or increasing, your strategy might be solid.Exit Strategy Since you plan to refinance in 12-18 months, consider what happens if interest rates don't drop or if refinancing terms aren't favorable at that time.Questions you might want to askAre there any zoning or regulatory issues with converting or renting the units as mid-term rentals?

As far as refinancing, I work on the lender side and unless the property is livable and finished then that is not the route to go because the appraisal will be subject to until the work is finished.

Side note: My husband and I are currently funemployed (we both have seasonal jobs) until October, so not sure if we could qualify for traditional re/financing options at this time.