Also, my income is strong and I have enough for a down. 

The heat exchanger is fabricated from natural gas pipe. 

Seems like the answer should be a strong, YES, to go forward with the refi for the equity (provided it appraises for higher) and the quarter percent interest rate savings. 

I don’t care which ones you attend but I strongly suggest you Go to local meetups and network with other investors.

Base closures happen all of the time, so while it can be a strong consideration, I wouldn't personally depend only on the military for your rental base. 

Welcome @Ade Osunmusan ,Indianapolis is a strong market.

As for repair costs; the demand has been strong and so everything went up.

If you are buying cash, there really should not be a seasoning period that you need to abide by, but you'd want to get all the work done that you have identified so that the appraisal comes back as strong as it can.  

Although they may not appreciate at the same pace as single-family homes, condos and townhouses can be strong rentals when you leave after a year to buy something else.

One project we’re strongly considering is building a tri-plex on one of the multi-family lots we currently own.