Depending on who you are targeting this might work for you, as well.

if the property is $100K and the rehab is $60K you'll need 10-15% down plus closing costs plus holding costs - conservatively 16-24K + 5-10K + 6-12K = 30-45K at leastand you don't want that to be all your savings... so you'd need separate savings and emergency funds - i'd want 25-50K depending on situation, lifestyle, etc.so 50-100K i guessbut that's just a horseshoes and hand grenade estimatethese types of questions are hard because we don't know much about you or your financial situation

I think it really depends on how fast you want to scale.

Depends on factors but a basic response would be, would you still have a decent amount of cash reserved or would be a big down payment leave your account pretty dried out?

Hopefully finished by June for the cash-out refi (interest rate dependent, ha)Trying both avenues out just to learn as much as we can from our first property.

Absolutely it is an option, it just depends on your goals.

Less work, some less return, but also can be less risky depending on the operator and fund structure. 

It's also market dependent, but in general Zillow, Apartments.com, Craiglist, Facebook and RentCafe is a good place to get tenants.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

I usually offer $25 less per month for 2-yr than the 1-yr renewal option depending on rent range.