Maybe using a six unit as an example was poor, but lets use a duplex as an example.

Where I would like some experienced advice from the BP membership is to ballpark how much it would cost to pull that money back out again, using a Line of Credit or a re-fi?

I will be using a little bit of private money on the next deal, most likely.

Scenario:Income property purchased in early 2015 using a 5/30 ARM with about a 4.25% interest rate.  

The client has agreed to make down payments on all the projects with his IRA money and the balance will be leveraged using a mortgage that I will be borrowing as an LLC. 

. :-)Another option is to sell your house using a 1031 exchange (this will allow you to defer your capital gains taxes) and purchasing another investment property with better cash flow.Hope this helps.

But the question is If those numbers were correct would using a cash out refi of 75% LTV drop the PMI?

Not going to happen using a HML the way you described.  

This got me wondering if most note investors actually contact the borrowers themselves or if they are really using a servicing company to contact the borrowers,  but find it easier to talk about the results in the first person rather than "My servicer talked to the borrower and then told me and then I told them to offer the borrower..."

I'll be using a VA loan.