Maybe more.So between down payment, closing costs and repairs, I'd have to front somewhere around $50K - $60K, which I don't have.The strategy that I am considering is finding a hard money lender for this initial costs, with the idea that I pay back all at once when I refinance.On paper, it seems a good prospect for which may be worth to due a solid due diligence but I want to make sure my strategy is entirely doable and be aware of the risks I have to keep in mind. 

From a construction standpoint we have pretty much done everything other than pouring a foundation and hooking up utilities so it seems very doable to do this as the builder which would keep costs lower.  

If you're at 75% or less, you should be able to get long term money, even if it's alternative - 30 year ARMs at rates in the 6-8% range, as long as debt service works (rents cover PITI).The other one seems doable too, if same type of deal w/no work. 

We would certainly be willing to live in one of the units if it makes the purchase doable. 2) Any advice on how to encourage her to sell her property?

But if you have a good decking it is doable.

Once I fix and up the curb appeal and freshen the interior (Total of $3k in reno) I feel $650 is 100% doable.

Our experience has been that If you have a team and a plan for contingencies, it's totally doable and profitable.

Is it doable to squeeze min 2 properties from cash out refi and 2 properties from 401k loan?

(If either of those figures prove to be not do-able, it could impact your monthly costs substantially!)

Especially for a first home, but its very doable for a first time homebuyer who can dedicate the time.