You'll really need to know how to run a rehab, estimate the costs and have a good team of contractors, lenders and other disciplines.

HI Adelaide, @Joseph Chiofalo has a RE broker he works with closely in the area he can refer you..also an excellent 5+ units lender.

There are so many investors, lenders, agents and other professionals you can meet here that will help you get one step closer to your goal.

There are niche lenders that can do Residential DSCR underwriting on properties that are 5-10 units but this is relatively uncommon today. 

I want to help with low-income housing in my community that I know well and I've worked in for many years. lenders sometimes want 3 deals of the same level done.

The property is zoned as a SFH, but in reality it is a duplex with 1/1 on each side.My lender did an appraisal for the property as a duplex and it came at $497k.

From what you wrote, @Morgan Chan, it looks like the lender’s credit bid was $300K.

(other than having cash/equivalent, preliminary title report, and the appropriate deed ready to go 'on hand')The MOST difficult part of this will be getting the lender to provide you with the reinstatement figure to bring the loan current (I do this and take title sub-to because it's actually easier to get the lender to provide a reinstatement than a full payoff). 

What lenders will allow a cash out refinance on a property that’s being rented out that way?

If you're sure you'll get the money back in under a year, I would consider it, as it'll be cheaper than private money.