I for one, as a Realtor and investor, do my own property research/title research and contract execution and am qualified to do my own conveyancing.

Here in Canada your plan will be seen, by the CRA, as a {contract for} sale and, once executed, you will incur any applicable CCA recapture and capital gains taxes on the portion of the property you sell.  

The other side of the equation is, you will probably need a bit of time to learn the market, figure out where you want to live and be a landlord, and execute.  

What are the most important things you consider when executing a cash-out re-fi on a small multifamily 4 units or less?

I work in the multi-family space here in SD and would be more than happy to assist you with formulating/executing a solid strategy geared towards building passive income for you and your wife.Feel free to reach out at any time if you'd like to chat.Good luck!

Could anyone who wants to, please look over these numbers and tell me a) what you think about the strategy overall, b) what you think about my leverage situation after execution?

It's true that you may have a case given the executed contract, but you've got to consider whether or not you want to force someone to sell their house to you unwillingly.

They are a little on the high side but very professional, and execute flawlessly.  

Husband and wife make good income (he is in sales and she is a bank executive), but dealing with poor credit issue.  

I'm currently in the market for a primary residence (in Austin, TX) and I'm going in with the mentality of buying a fixer upper, executing a rehab, then potentially rent/sell in 1-2 years (potentially using a FHA 203k, but can do conventional financing as well).