If the property is currently breaking even, then it likely will not be possible for you to do a cash out refinance while still maintaining break even monthly cash status.

so most people will have to be as leveraged as possible to scale (at the beginning). as in, keep your LTV high and focus on buying 'as much' ($$) RE as possible. this is if you're doing a pretty run of the mill REI strategy like buy and hold. i came across an interesting guideline once: if you could sell today and net 7x+ your annual true net cashflow, you should cash-out/refi, or sell/1031. think of it this way: if your portfolio in a year is worth 1m market value, and you owe 600k, and have a lender that will do a portfolio loan at 80% ltv, you could cashout refi and get 200k to play with (minus closing costs). when you compare the now-lower cashflow from the existing portfolio (higher LTV & maybe different rate), to what you can do with 200k cash, THAT'S where it gets fun. maybe you lose 1k/mo in cashflow on the original portfolio (literally just made up a number, idk), but you can gain 2500/mo in cashflow with that 200k.. then doing the cashout/refi earned you a net increase in your monthly profit of 1500/mo, plus you're getting debt paydown and appreciation on "more" real estate, probably getting bigger tax benefits, etc.

Is it possible to cash out refinance my mortgage use the money to fix up the condo, pay off the small debt I have and then sell my property?

@Jacob Maes Definitely possible in the DFW area.

So I personally take valuations at a downturn part of the cycle with a grain of salt (similar to people who look at the stock market every day during a downturn and get super stressed out and then become tempted to sell at the worst time possible).

Hard to find, but it's possible.

Is it to earn as much cash flow - current income - as possible?

Profitability is shown by a positive cash flow.To help with your housing expenses if you want to live in one of the properties, consider the possible rental revenue from the other units.Remember, the specific criteria for a "good deal" can vary based on your investment goals, risk tolerance, and personal circumstances.

With the new Fannie Mae 5% down payment conventional option on multi-family properties, I figured it might be possible to follow through with this strategy.

Is it possible to have an LLC partnership (my sister and I) that has a mix of property ownership?