Second, the time will probably come when interest rates rise enough for banks to want to locate any out of compliance loans to force them to refinance. 

Good AfternoonLet me first start by saying im a first time investor and have begin dipping my feet in to the investment world, I purchased a property near a college that the numbers seem to work and would make a good student rental, I thought that purchasing the home with cash and free and clear would be a good option and to work the refinance for the repairs and upgrade to the home, its not going to take much but there in lies the rub!

If you want to invest in that area Lincolnton would be a better bet because of the new Hwy 16, lower taxes, better schools, and not far from the West side of Lake Norman. 

If you can raise the value enough through forced appreciation, you could refinance (or just put financing on it in the first place in your case with owner financing) to pull out equity and purchase another property, (BRRRR).

I need to refinance one investment property in Alabama to get it out of a VA loan. 

What I am thinking is that once I have 3 homes I would be able to refinance using one of the to buy another home and add some extra cash flow. 

Typically youll see 20-25 year amortization with 5-10 year fixed rate and probably a 5 year balloon payment that requires you to refinance

You are well on your way to what you want to do, a refinance might be in order to help with your NOI goals.  

If I am able to find a deal, and buy a condo for 80k so lower it from 110k to 80k, and then renovate it would i be able to refinance it, and pull money out of it?

@Ashley Lynn  If I were in your situation, I would max out on a HELOC on your current home if you have a conventional loan on it, or refinance out if you have an FHA loan on it.