Then you refinance and repeat.There is a higher risk in doing it, because you never fully know the final cost of a rehab.

Hunter, Gore, Windham and other ski mountains should be a good bet in the winter and now that they are getting more active year-round, that should round out your reservations.The Hudson Valley Wine Trail and the multiple breweries in the HV are drawing people in from all over.

Do I rush to be able to refinance out of the FHA, then get another?

In my opinion  the agressive apartment building will eventually catch up to the demand and single family homes would be the safer bet. 

Eric Martin BRRRR is Buy, Rehab, Rent, Refinance, Repeat. 

Or do a cash-out refinance. 

I wondered this because if I were to be doing a refinance, wouldn't the bank be using the value from the appraisal?

You could also upgrade to multi-family as you said, or refinance the current properties out to buy more properties.Definitely a great position to be in

What if I did a BRRR, how would I refinance?

It's a gap in the market, and I'll bet you'd offer a tonne of value!