Our goal is to purchase an REO to rehab, live in it for a couple years making small additional improvements, and sell it for a profit.

I'd like to get an FHA loan to do a cash-out refi and use the money for home improvements, some minor debt pay down (mostly to raise credit scores) a cushion for starting my real estate career, and ultimately buy a new house and convert the current one to a rental.

why hard money, what's wrong with soft money, money form your relatives or friends or a joint venture.

You could still do a modified or slower approach to BRRRR by looking for value add multi's that need economic and/or physical upgrade that you can do as tenants turn over and improve the quality and value of the property over a year or two but still with ongoing rent/cash flow. 

I'd rather spend a little more money to protect, preserve, & improve my long term investment, keep tenants happy, & justify higher rents.

She would be at work and no one should be home.Here is the KY Statuate:383.615 Access. (1) A tenant shall not unreasonably withhold consent to the landlord to enter into the dwelling unit in order to inspect the premises, make necessary or agreed repairs, decorations, alterations, or improvements, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workmen, or contractors. (2) A landlord may enter the dwelling unit without consent of the tenant in case of emergency. (3) A landlord shall not abuse the right of access or use it to harass the tenant.

If you would suggest changes/improvements especially where the words "House Gone" are concerned, I would appreciate it!

This will allow you to have a hard money loan for the rehab phase of the project, refi the improved asset with a standard bank, and then rent out the property.  

@Sendhil Krishnan, Much is going be dependent on the structure of the entity that owns the property, the stated purpose when purchasing it (resale vs investment hold/use), type of improvements to date (entitlement only or actual on sites/infrastructure).  

This has allowed us to pursue other projects, joint venture with more veteran investors, and pay off 100% of our student debts, All in all, our company Mainstay Property Group has transacted 50+ deals and acquired 10 units for our personal portfolio in our first fully operation year as a real estate investment firm.