The current mortgage rate is 4.375% and I want to avoid refinancing if possible. 

One route is to explore refinancing these properties into your name with a cash-out refinance, which would allow you to access some of the equity while officially transferring the deeds.

Portfolio Refinancing: As properties appreciate, consider refinancing to free up capital for new projects.

, built equity and refinanced when rates came down.  

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?

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?

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.   

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.

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.