I also purchased this as first time buyer through FHA so I think I would need to refinance to rent it out and don't know what other considerations about buying another house I would need to think about and any information that would help would be greatly appreciated.

Pay cash and don't refinance.

Would it be worth it to make a profit if you have a bigger Refinance loan payment and lower cash flow?

So the problem is that we can refinance but the current loan is at 4.25% and the new VA refinance would be at 4.50%.

They can also work on getting their brokers license and open up shop.As far as qualifying buyer YOU BET I send them financials to fill out before jumping on a call with them.

So if rates go up to 6% I will not refinance unless getting that equity out absolutely needed for the next deal.

If you cant refi my bet would be to pile up the cash in a separate account so that you can build up a nice down payment for another duplex. 

I bet most of these guys in your area would know just by the address what the potential for asbestos would be and possibly could alleviate your fears by a simple inspection. 

(Not a live in flip) He also was wondering if he should refi his house, pull 75k out, pay the vehicles off and put the rest down on a new house. rent the original house out and take that money to pay the refi mortgage, the rent would cover the mortgage plus an extra 150 per month ..I’ve been telling him about refining his house and use that towards a BRRRR or some other real estate investing.

Make goals, start learning, execute, continue learning and refining your goals along the way.