So with just $100K, you could put a down payment on three or four properties and keep a good chunk for reserves, let tenants pay down your mortgages and either keep the cash flow as supplemental income or devote it all to rapid pay down.

Inspection cost-Lender fees-Closing cost-Mortgage payments-Property taxes-Utilities-Insurance-Commissions-Selling closing cost-Home warranty-Termite letter-MLS fees-

And what kind of payment agreement to have with these guys?

I was able to pull those down payments out off thin air basically.

I realize this is a super basic question and more info might be needed, but I wanted to see what you all thought: Do I pull out the cash from the refinance to continue to fixing up the property or do I use the cash to put a down payment on another unit?

What percentage of  tenant income do you figure  is needed  to best  insure monthly payments ?

If you have owned them less than 12 months and they are not on the tax return, then generally they will use 70% of the lease amount as the "income" netted against any mortgage payments. 

Like you said, @Jay Hinrichs, there's a lot of low value properties in certain areas here, specifically Milwaukee county, but the suburban areas could be a gold mine for an agent, and I know several that do very well.And these are both cash strategies for me, where my money will go as soon as I'm making it is into rental properties, and I currently have different savings categories, with one being the down payment for a first property (assuming I don't find a convenient sub2 or seller finance before that).Thanks again everyone, and happy investing!

They require a large down payment, but there is no other underwriting.

What I would like to see happen is save some more and then put a down payment on a cheap house to hopefully fix up and either live in or sell for a little profit.