@Bradley Perry I think you are on the right track but may be a little ahead of the game for the refinance, as others have already said the fees for the refinance and the 75% LTV are the big things to consider as it seems you would potentially only get part of that 35k back which means you would likely look to refinance in the future again to get the rest.

Consider that perhaps you and I are not debating the validity of different strategies for playing the same game, but rather that we may be playing entirely different games.

Your tenants don't need to know that this is your first property and that you are new to the game.

I'm a little local handyman landlord just outside of Pittsburgh with a tight little self-managed C-class portfolio, for instance.Here, in low-rent single family and small multifamily, the name of the game is finding that one good old building with strong fundamentals going for it out of ten other true moneypit crapshacks that are really ready for the bulldozer.You get nowhere here unless you screen like crazy and put the people you rent to under a microscope.

GO FOR IT....and finallyDon't listen to people who are not in the game!

I am not sure if partnering with close friend, also with 50% stake in the game when I may have to spend more time on this whole process sounds fair or not.

Once you get started, then the inner drive keeps you going, but you got to pull the trigger and get into the game.  

As a first-time investor I've been hemming and hawing about how to get myself into the game.

The property will sell you and you guys will split the money in some way and then you can get back into the game once things clear up.

I am a licensed General Contactor in the city of Indianapolis, after being in charge of over 50 successful flips, I want into the game.