I figure I could roll that into another income prop and I would essentially be using that $100K as a tax-free loan as it would be $100K less than I would need to finance. 

Purchase price (inc closing): 130,000 75% loan = 97,500Renovation: 25k - update kitchen and add a dormer turning top floor into a proper bedroom (currently being used as one as it is)ARV: 190kPotential rent: 1650 - 1900 (friend has property on the same street that rents on the higher end of this range)Montly cost = 600 (capex, repair, tax, management/tenant placement, insurance, buffer)initial invest 25% down + closing + construction = 32500 + 4000 + 25000 = 61500 + carrying costs until its rented (2 months)Refinance @ 70% based on 190 = 133,000 Money pulled out = 133,000 - 97,500 = 35,500; So would I essentially be leaving around < 30K (based on 61,500 + carrying costs) in the deal and the future returns are based on that number essentially?

@Joe Splitrock Of course, and both are essential for good asset protection, but I think a lot of people don't realize insurance only protects your properties from claims stemming from the properties themselves.

What questions are essential in asking a broker and their brokerage services should I be asking to know if they are a good fit for me?

Say you asset A and asset B that perform essentially they same on the numbers & regional growth characteristics, but they are in different states.

If something did come up the lender could essentially foreclose on the property and take the property over to recoup their investment. 

It's absolutely essential to your success.

We found it on the MLS and we got it essentially for asking price.

Not next to a fourplex with all kinds of cars parked in the driveway and kids out in the street.Your goal as a house-hacker should be to control a more-expensive property for less than the amount it would normally cost you every month, reducing your monthly obligation to the expenses and winning on ROI with the appreciation on a pricier property.With minimal down payment, even on a fourplex the best you can hope for really is to break even every month and essentially live rent free.

Pretty cool way to accumulate properties (essentially for FREE) while you serve.