Since you're house hacking in Las Vegas, this should align with FHA guidelines as long as you continue to occupy one unit as your primary residence.3.

The sad part is that these poor returns don't even have to do with financing costs which will be an issue in the future this is simply poor performance by inexperienced operators.

I got a feeling that life as a Private-$ Investor may be a great place to start, and these properties lend a perfect means to testing that out, solving 2 issues in 1 action, because you can JV your way out of the operational side of things AND retain that long term financial upside. 

If you are looking to hold long-term, I would bring on a private lender for the rehab and then refinance and pay them off. 

So let’s say you are looking at a duplex (2 unit) as long as the rents total per month from the ( 2units) are equal to or greater than the PITI payment its approved.The way you shop for the home is by sale price and using the loan amount after down payment as your calculation.

As pointed out by others, the costs to refi along with the penalty, will take a very long time for you to break even.  

I have a property in ABQ New Mexico that's currently listed with a mid-term rental company.

Either can work in the long-term, but if I had to do it over again at 23, I would suggest a 2-4 unit that demonstrates the ability to cash flow assuming all units are rented.

Some questions I have are:What I would want to know is what is the LTV on the primary loan and what are the loan terms. 

These residential units could also be very successful short-term rentals.