Also keep in mind depending on what time of refinance you do, there pay be a prepayment penalty that is triggered when you refinance again. 

I’m new to investing and have a flip with a big loss under my belt and am very fearful to pull the trigger again, but know that real estate is the way to freedom.

You can but you run the risk of triggering the due on sale clause.No need to have in an LLC.

You can consider doing a cash-out refi on one or two properties, but I’d also wait a while before pulling the trigger on that.

If you purchase the property using your own name with a conventional loan mortgage, then transfer it to a LLC, it may trigger the due-on-sale clause, taking the risk that the lender will ask you to pay the loan balance back immediately.We can only choose one of it, not both of it.

Did you ever pull the trigger on this Michael?

I have been lookin into pulling the trigger on deals in Detroit that are already occupied.  

Waiting a year might not be a bad idea versus pulling the trigger sooner and having to pay to refinance later.Also realize it may be tough starting off as a 17 year old.  

You need to make sure the policy/coverage you get is designed for this use and not a standard homeownes policy.The Lawyer and the town can give you an idea of the Modifications you may be required to make due to:- ADA compliance- Fire Code Compliance- other Laws/Ordiances that may be triggered when you move away from a Residential to a Commercial exposure

Then, when I found something that made sense pull the trigger.