If so consider getting a HELOC on the first property versus Cash-out Refinance.  

Like Edward B. said, your best bet is to call around to at least two, preferably three or more lenders and see what they have to say.

My condo is even going to cash flow with me doing a cash-out refinance (I decided to pull some money out to allow me to put towards my next deal.)  

You’ll have a little bit more principal pay down / equity in the property when it comes time to refinance your dad out.

Buy one 100k single-family that's rent-ready in cash and immediately refinance it, to get out 75k. 173k left.Buy 2 distressed properties cash at an average of 86.5k value, and I will have 75k (37.5k each) to renovate them.What do the experts at BP have to say, is this a good plan? 

Refinance.

I'm willing to bet over 90% of wholesalers quit or lose money within the first 1 year. 

The IRS has been pretty consistent that they do not like refinances right before a sale. 

Either forced to keep 1031 exchanging or cash out refinance.

in addition to the above, you can also refinance out of the old FHA loan. however, if you used FHA to begin with you may not have the required 20-25% equity and may require cash to get out.