Refinance and take that equity to buy the next place. 

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower. 

Either FSBO or refinance and rent it out. 

But once you move in, I don't think you'll be able to ever refinance the thing.

These focus less on personal income and more on your business cash flow or the projected rental income of the property.If you have a rehab project, you may want to start with a hard money loan and refinance into DSCR once you are done with the rehab. 

If your goal is growth, a refi now might make most sense, but only you can make that decision.I'll also second what @Jaycee Greene mentioned that most lenders won't go to 80% LTV on a cash out refinance. 

Hi Ben, doing this for 20 years, I’d say if you move forward, refinance your two rentals to the max they can handle under a stress test for mortgage payments.

300k purchase + 10-15k closing + 80k remodel + 5k for refinance costs. 80k remodel number I got from my father who is a general contractor in the area. 500k ARV x .80% refi (because it would be my primary residence) = 400k minus 15k closing, 80k remodel, 5k refi cost = 300k my original purchase price.

Sellers or JV partners may value a hands-off partner who can handle rehabs.Start with a Strategy: Whether it's BRRRR (Buy, Rehab, Rent, Refinance, Repeat) or simply flipping properties to build capital, define a clear path for your first few deals that aligns with your long-term development goals. 

If you go interest only and have a 5 year balloon the property would need to be worth more than 400k for you to refinance as a lender is going to want 25% equity.