To keep things simple let's value the building on a 1% basis.

Is it feasible to get $96,000 in cash eventually from the second cash-out refinance in this way and keep expanding wealth in this way?

To keep the home loan people from getting confused, you will want to NOT report the rental income/expenses on your personal tax returns Schedule E, instead have the LLC do an S-Corp election, and report the income/expenses there (after confirming the truthiness of all this with your tax professional, of course).

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

From a servicing and reporting perspective - if the lender does not report to credit and they REQUIRE an LLC to fund, then the parent servicing entity most likely will keep your business/investment loans separate from personal credit.

Then add in the capital expenditures if you keep the property long enough.

@Mohit AroraLet’s also look at realityTenant doesn’t move in and then you have to “evict” a tenant not there and lose rent and try and collect something that doesn’t existLet them out of the lease, potentially keep the deposit and move onThis is why I also recommend a property manager - they typically will save you in the long run

Do you know anyone in the states you mentioned who could do a preliminary property search, keep an eye on your properties or give you feedback on those areas? 

Dear teamLooking to buy the5861 N Ridge Rd W, Ashtabula, OH 44004Which things to keep in mind while buying Land>

With inflation and unstable supply and demand makes it hard to keep stable.