Rental properties are often called a way to reduce taxes, but if they are initially cash flowing you should expect to pay more in taxes. 

I wouldn’t initially rehab and refi as there are tenants.

I just decided to get started and last May I bought my first two properties, I would like to share a bit more about the first one to get some advice.The property is in the suburbs of Chicago, near Oak Park:- Purchase price: $165k as-is- Rehab budget: $75k- Closing and loan cost: ~$8k- Down payment: $46kThe appraisal as-is came back at $165k, and after renovation, the appraisal is $293k.To finance the deal I used the Finance of America acquisition & rehab line of credit at 9.24% with a loan of $118k initial and then rehab holdback of $77k to fund the renovation. 

I don't see why it separates the P&I for the initial mortgage and then the refinance under the refinance tab.

I have contacts who I'd like to talk about a potential capital/sweat equity partnership with, however, I would like to be as well-researched as possible before I do so.I'm wondering: how rational is it to propose a capital/sweat equity partnership for a multifamily, where the sweat would initially occupy a unit?

Of course when you become licensed initially there are so many to-do lists and articles to read about what you should do first, it can become very overwhelming quickly.

You will need to start with the attorney to make sure you have all the initial paperwork necessary for the transaction.

The initial deal involved the removal of tenants from both the units, but the seller was not able to remove in-spite of several attempts. 

My journey involved (initially) condo LTR's, some of which I paid cash for in Sacramento area ($95,000 and $105,000 etc), then 1031 into duplexes.

I actually understood your model initially.