Really depends on the scenario in terms of property value, cash flow, credit, and leverage. 

Is it that I'll purchase a new $1M property with all sales proceed, any then cash out refinance $450k afterwards to repay back the investor?

Or lastly, save money for new family home, take some equity out to put towards our down payment towards our family home, and then rent out the house?

@Christopher Phillips   maybe i'm reading this wrong, or it works differently in NY, but a 6% seller concession normally means the seller is giving the buyer 6% of the purchase price to use however they want in the transaction - be that for closing costs or principal reduction or down payment, whatevs.A seller typically doesn't have a say of what can and can't be included in the borrowed amount, that's up to the lender and the loan program. 

If you are the highest bidder, you usually have to come up with a payment to secure the right to purchase the property.

:) The buyer enters into an agreement to purchase the property by making payments with some amount due in the first payment and then a schedule of the remaining balance paid in installments.

otherwise, unfortunately, most properties in decent areas won't cash flow at all, especially with DSCR debt.

So we had to make it look like a regular payment with their money instead of ours.

That $15K would have to be enough for either a 3.5% down payment using FHA for example and lean heavy on the seller for a Seller concession (Seller credit) which goes towards closing costs.

This would be 2 days before he announced in his June 20th email (which I believe you have) that he was suspending payments to hundreds of investors because of financial problems.He did not disclose anywhere in the webinar (48 hours before the email) the difficulties that his business was experiencing which was laid out in the email 2 days later.