Should we refinance that property and pull out the equity(BRRR) that we want or should we use the bank's line of credit? 

Sometimes PM groups have software that can help pull comparable sales information (CoStar & Yardi). 

That way you can pull all of your money out.You need to do a full rental analysis.

A family member is also a real estate agent and would provide me with the 3% commission on the purchase of the new properties, minimizing cash outflow on the new properties.So my high-level thoughts are, I could downsize and buy two properties, which would reduce my monthly living expense by 1) a smaller primary note and 2) income from the MF offsetting a portion of the primary note, and at the same time I would be able to pull the equity I have built up in my current home, plus my current cash on hand, to further invest after the dust settles.

No verbiage says there’s anything about me accepting a violationI'm not referring to the deed... pull the sales contract and report back on what it says regarding property condition.

@Jonathan Watt credit can vary depending on who you pull from.

It going to be a challenge to argue that all 6 of you are actively participating in the deal and pulling their fair share.  

This gives you a CoC ROI of 20%+.If you're confident in your numbers (ARV and reno budget is where you have to be really locked down), I say pull the trigger.

So I start looking at properties in my town, and I start to pull cards of houses that are going pretty cheap. 

I think the overall area economy is strong going into the future, and long term this area will pull through, but turn more into a SF/NYC/Boston type place, which it historically was not.