To assist us, we refined our pitch deck and performed some scenario analysis with our financial models.

Unless you buy it all cash you will need to wait at least 6 months title seasoning to refinance on the ARV.

Refinance when rates go down and hold this forever. 

Meanwhile, I would guess technically when they cannot refinance after 5 years, you now have the cost of foreclosing on the property, however its done, right? 

Note that because both of these were house hacks, we have really good interest rates, so a cashout refinance isn't really an option.

Try to get a cashout refinance.

With $50K—$100K, you could fund a rehab and refinance to free up most of your equity for the next deal.Cons: BRRRR often requires more hands-on involvement, especially managing contractors and timelines, which could be challenging with your demanding job and family obligations.

However, I've researched different ways of doing this, such as a home equity loan, Home Equity line of credit, and cash-out refinance.

But, VA is the only "owner occupied" loan type that you can actually refinance after you have converted this to an investment property! 

you mention applying for a loan …..does this mean you own a home and were  trying to refinance it  ?