if yes, what process, paperwork must be done ? 

I refinanced a property about four months ago, and when rates dropped over the summer, I began the process of refinancing again.  

Are there other benefits I may have over-looked?

I am certain that your vacancy rate will rise if you install electric heat, if not now then in the near future when these larger trends in power generation kick in.I am acting on this right now; I have a highrise condo that I am in the process of selling for a number of reasons but right up there is that it has electric heat and cannot be converted.

It took us several months to get costs on our various options (reno as-is vs. addition), and then the building process took about 10 months.

If all you're looking for in a RE license is access to the MLS and to lower your transaction costs, it seems way better to just do a deal than to go through the whole licensing process.  

When he returned, the entire wall was gone.)As I do rehabs for clients this has been an educational process...

I bought and remodeled a foreclosure last year as my own home and fell in love with the process. 

Does anyone insight into the process and expenses?

I'm interested in pursuing SFR buy and holds that I can potentially refinance and pull cash out to pay the private lender and then repeat the process.