I say this even though I have not successfully gotten all of my purchase expenses and rehab expenses out of a refinance. 

I have a loan strategy question that I bet will help a few people in similar situations! 

Once you have those things then raising money becomes very possible.If you are in the beginning stages then you're best and probably only bet to raise money would be from family or close friends.

My mom bought a house and we were thinking of renovating the house so we can refinance and buy another property.

For example, you can probably get a few properties with conventional financing, but by the time your looking to scale, you've hopefully built a solid reputation for yourself as an investor.This reputation will allow you to tap into things like hard money lenders (if you can do some cash out refinances on earlier properties to pay off the higher rates hard lenders expect).

My Question....Assuming the building’s conditional rating remains the same. ( Example, purchase a C+ building and it remains a C+ building)  is it....Highly Likely,Likely, Unlikely or Highly Unlikely ....that the the next appraisal for the refinance will use the same cap rate?  

I would like to either refinance and buy 1-2 more properties, or sell and buy a couple properties but am torn as to which would be the best move. 

I bet that would get some people thinking. 

You'd refinance after a few years of owning it (as long as you have a pay history - which will look more official with a servicer) and take her out with that refi money.

That will make it harder to refinance.