If all units are residential 2-bedrooms rents could be around 1300/month.ARV as a 4-family around 450k-500k, but there are not a lot of comparable from the past two years sold.I wouldn't be able to finalize how many units/uses I would put in until I know how I would refinance. 

You could refinance and use th emoney to get into flipping homes.

But then later, I'm going to use leverage through a refinance (cash out, I assume) ? 

Also as far as the 203k loan ive looked it up a bit and most wont finance homes with foundation issues but that is a great route to take if I can find a lender will to work with me and my father asked about doing a refinance on his paid off house to buy it but I’m not sure how that would work so I’ll have to look it up a bit more

do I have to wait to refinance?

Investors can’t eliminate market shocks, but they can hedge their bets against booms and busts with a diversified portfolio and strategy based on general market conditions.

Right now my goal is to find a property that I can refinance to a conventional loan (get out of paying PMI ASAP) and will cash flow when I move out in 1-3 years.

Two lenders I have used in the past have told me that you need a credit score of at least 720 due to fannie mae regulations to refinance properties 7-10. 

@Chris Wilburn You wil have MI under FHA loan in 30 year fix loan through out the life of the loan unless you refinance with conventional  loan.

Mostly I have to wait 6 months to refinance.