Anyone have any tips?

There is nothing that the IRS says about how long you have to wait do a refinance.

Some states (NOT ALL) offer reciprocity for real estate licenses in certain other states, BUT that just means that if you have a license in one state that you can use that to qualify for a license in other states that offer that reciprocity.

Your development deal will look much like a flip in the eyes of the IRS since it is 6-9 months as well you'll have the short-term side of taxes, not the capital gains taxing on it.  

If you purchase a $2.5M home you will have to put 15% down which is $375K. 

What are the basic steps?

I’m not 100% sure if this is what you are asking, but if you put 10% down at purchase you probably still have about $360k on your mortgage.

I have no experience in real estate investing.

I actually have a few options for you in Indiana, as I work with a great team there.

We have never purchased a home for more than 10% down.