Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

You also will need to have multiple lender relationships as you grow. 

Find a good lender, get pre approved, make sure you practice running the #'s using the 100's of videos and guides from BP, find an investor friendly Realtor, and then start making offers on any property that meets your goal.

Then they work with a lender to get them ready to get the long term loan to buy the property.  

During this renovation period would you, as the lender, want an Actual Cash Value or Full Repair Cost policy in place?

You can reach out to my lender at First Bank for a great 2nd home loan 10% down.

“Our manager will reserve the right to reject any share repurchase request for any reason or no reason or to amend or terminate the share redemption program,” the company said.

Aloha @Keith Barham, yes its geared for Lenders and Agents, however,  it works well for Real Estate Investors too! 

wild. 8. if you dont want to close in an LLC, you can still close in your personal name. 9. there are lenders with competitive rates if long term rents are greater than 1.1 of debt on the property (PITIA). however, there are also lenders who will allow you to do 80% cash out refinances with DSCR if DSCR ratio is 1.0. there are lenders that allow you to buy real estate at 20% down EVEN IF DSCR ratio is only 0.8. which means the rents are less than the debt on the property.

While they might not be the cheapest - no HM lender is "cheap" - they do a good job at what they do.