In that case, I would have PMI until I refinanced, right?

To be more specific about what i'm looking to do: My 1-2 year goal is to employ the BRRRR strategy with SFHs and Condos by buying distressed / highly undervalued properties that need work (preferably all-cash) in low crime areas with strong rental demand, renovate them within budget (again preferably all-cash) and get them rent ready before refinancing them at the highest ARV possible.

Instead of refinancing our portfolio, decided to sell our holdings that were out of state to capitalize on the stellar appreciation.

Cash-Out Refinance – Refinancing one of your properties to pull out $30,000 in cash can be an option, though it may extend your loan term or increase your interest rate. 3.

Another alternative here could be refinancing although it is likely your rate is well below today's rates.This is not financial advice, I am not a lender... just sharing some insights that have been shared recently. 

The issue I am running into is in the refinancing of it, now that the construction is finished. 

If your goal is to maximize liquidity for future deals, reducing your cash outlay or exploring refinancing options could make sense.

Growing means refinancing or selling in order to acquire more assets.

While I’ve considered cash-out refinancing or HELOCs, the high rates make these options less appealing.I’m debating between using cash to acquire more SFRs or diversifying into mixed-use retail properties.

It merely means you will likely have a difficult time refinancing the property to a traditional lending source.