16 units has to be 200k+ in total at min.I would see if you could get a HML for this (rehab to pass underwriting) and then refinance?

Should I refinance to lower my payments and eliminate the PMI so I can have some positive cash flow ?

Know one knows what will happen with the properties surround the old hospital, but I would bet that any neighborhoods around the new hospital's location will benefit.   

Is it better to just pay cash, get them rented, then refinance? 

I put the offer in and immediately did a cash out refinance on my house while we were doing the due diligence.

With the BRRRR strategy, you normally refinance out of the first loan once the house is rehabbed and rented.

The restaurant expenses are getting too high that now they're dilemma is whether to refinance the HELOC, do a modification on it  for financial hardship , or sell the house to pay off CENLAR (loan administrator) and put the difference as a down payment somewhere else.    

As quickly as they issued that loan they can invoke the Acceleration Clause and you would be required to pay it off (refinance it)  During the loan process you will sign several forms stating you understand the program and it's parameters.

Before you do that get a bank to prequalify you so you can refinance asap after purchase.

Do a cash out refinance on the property to fund your next deal.