Hi Raghavendra,Sounds like you just need to wait till your LTR tenants move out to start setting up the property as a MTR. 

I was not able to receive a refund because I waited too late after purchasing to request one. 

So my question is: should I wait until my lease is over and then buy a multi family that I can house hack or should I buy a smaller investment property in another town now and then get a heloc when my lease is over for a house I can live in?

If this is how a cash out refinance works, it feels like the strategy is to either have more to rent out within the property (multi-family), wait for average rents in market to increase, rehab the property more and increase rent more, pay off the property/ more of the mortgage and refinance again without a cash out to decrease the mortgage (I don't even know if I can refinance a property twice)? 

You may safely wait for the best deal to come your way. 

Many lessons have been learned firstly is you can’t be too nice or trusting and second is, don’t wait to figure out the refinance and cash out process and until you are almost done with rehabbing the property because currently going through a very lengthy, cash out refinance ordeal at the moment as I’m trying to get financing terms finalized as we speak.

I like the West Mobile area, its class A area, you can definitely find deals there, 3 bedroom with 2 bathroom for around 220k or so, you may have to wait a couple of years for positive cash flow but properties there increasing in values better than others.

I talked to a woman on the voucher waiting list recently about her experience with the process and she said most people that get approved for vouchers never move from that area, so the local PHA ends up closing their HCV programs because there aren't any more HCV qualified homes in that area.

What are the best strategies to fund and execute several BRRRR projects simultaneously while waiting for refinancing to free up capital?

QIP can be bonus depreciated.To maximize deductions, consider waiting to make improvements until after the property is converted to a rental.