When you have a bad property, you can buy good properties to help make up the cash flow deficit.

Right now I'd say no due to the cash flow deficit.

We are still in a deficit of supply.

Without a tenant in either properties, assuming my others got laid off too, I face no apparent forecasted deficit but it's close to only breaking even. 

I will layout the scenario and any thoughts or previous experience for similar situations would be appreciated.My contribution:Acquisition of land for new build (4 plex)Planning for blueprints and lot layoutGeneral contracting My crew(s) would do a majority of the work for the build at costProperty management His contribution:Down payment 20%We are discussing the possibility of him taking full responsibility for the loan, but given that the loan typically is paid out of the gross revenue I'm not sure how he could take on the full loan amount out of 50% net profit (EX: $4000 rent - $1000 property expenses = $3000 net rent, each of us would get $1500 and out of that he would pay the mortgage of whatever) My concern with that dynamic would be that the mortgage will likely be over the 50% net amount and leave him in deficit monthly. 

This would about 'net' out the equity I would need at closing, thus 0% down in the deal and just need to cover the monthly deficit going forward given there would be just the cashflow ($1300/mo) from the upstairs residential to cover PITI and repairs. 

This can cause heavy cash flow deficits in the early years, putting pressure on GP team to catch up while essentially working for free until they reach hurdle.

They're designed such that the cash value build up early in the policy term is expected to pay the deficit between the policy premium and the actual cost of insurance which rises as the insured ages.

If you think that you would be able to use the cash from that refi to go and BRRRR one or two more properties this year then I would take the hit on the rate as long as you are close to breaking even on the cash flow side and/or can maintain being in a minor deficit for this time period, which it sounds like you can.

In other words, they are the ones breaking banks, but they will also be the first to blame bankers for the woes that they and our own government with runaway deficit spending are the real culprits.