Not sure how to answer this when applying my partnership methods to your situation, without taking up two pages or more.  

Borrow from two hard money lenders to pay cash Please advise us in the most astute method of action.

Doing the latter would improve my cashflow from that paid for unit from 1000/month (for the paid for house left as is and cashflowing) to about 1250-1400/month of cashflow with the cashout refi used to leverage 3 more properties.I intuitively understand that the refi method will in the end make more money, since I'll have increased my house numbers by 3 (from 3 to 6), adds ~450K to my portfolio in house values (each being roughly 150k) and will have renters paying down the mortgages and also covering taxes and insurance as well.  

According to the Bureau of Labor Statistics, only 1 in 9 adult Americans was self employed in 2009: http://www.bls.gov/opub/mlr/2010/09/art2full.pdf. 

I came across a video where a lady broke down how to pay down a mortgage using  HELOC her method seems doable not sure if I can post the video here if I can let me know  and I will share it..My question Is it worth doing this with a rental property ?

I am currently employed in the Gaming Industry in Biloxi.  

Are there any pros/cons to this method ?

I believe it is a tight for deals to flip on the MLS right now and more creative methods are working better. 

Can I hire the General Contractor that I am employed with to serve as the the GC of my renovation and still oversee the project myself?  

I have more local knowledge about Toledo than I care to admit. but aside from being born and raised there, most of the employment I had early in life had me out and about, and Ive lived in just about every area and still have relatives and close friends that live in every area.