Would it be best to use bank financing for the first purchase or should i look into hard money(13%) then bank for the cash out refi.These are just example figures to make round numbers im looking at properties of less cost/value.Im trying to figure out the best way for me to acquire deals but not having to tie my money up restricting me to move on to the next 

@Felix L PerezIt is okay if you are not proficient in tax - you can easily hire a tax accountant to help you.I am not good at plumbing and I would never dare to try to fix my plumbing issues.If you are involved in a flip that you acquired the property in 2018 - there won't be any benefit that you can use to do on your 2017 return.Expenses that are ordinary and necessary are deductible.

The benefits I see from the FHA loan are the ability to refinance after 1 year to help acquire more properties, and not having to deal with the previous owner on an ongoing basis.

I’d love to help you out with your move here and acquiring investment property.

They have access to raw data on your neighborhood and can show you the standard DOM (days on market) and the list to sale price (how much are homes listed for versus what price do they actually sell for?). 

Going rent is $1600-1700Our long term goal is to acquire multiple rental properties and this would have been our first BUT now I’m thinking it would probably be best to sell and buy something that cash flows better?

My pitch is that if it’s worth only 2m today but with the interest over X period of time I’m meeting them in the middle, defraying/postponing their taxes all the while acquiring the property at the right price is a win win for all....

We are just living below our means and acquiring property when we can. 

Always good to see someone from Queens becoming active on Bigger Pockets.Your property management experience will prove to be very helpful in the future as you move onto acquiring multiple rental properties.

Definitely will do some odds and ends to increase some additional quick equity and do a cash out in 6 months to try and get half my money back to acquire another rental.