Any suggestions on how to best structure the deal in order to put down less cash or be able to take the cash out if I buy it low enough?

Are you cash flowing the property?

Looking for long-term conventional refinance (potentially cash-out) for a SFH.

You are able to add back your non cash deductions which is deprecation.

I was reading about DSCR loans and they seem like a great tool for cash flowing properties. 

However, where utilities are combined there is no easy way to estimate the cost because there are too many factors at play.

That does come into play as well.Personally, given your current financials, I'd just leave it as is.

It would have to be a home just barely worth $375,000 or greater, and would hopefully cash flow.Or we could go for two single family homes, less expensive, and put $70,000 down on each. 

If we keep it we would need to do a cash out refi for as much as possible.

deal flow  getting deals good enough leave enough forced equity to get your cash back at refi pretty simple concept.2. cracker jack rehab crews that can get these turn overs done in time and on budget.3.