Not sure if I it makes sense to do both at the same time or if I should wait until the refinancing is done to then apply for mortgages.

It is human nature--when faced with no money for a roof over their head or a lie, many tenants will pick the lie.  

If you choose Lowe's find one of their 10% off coupons, it can be applied to flooring.

It looks more expensive than what you're contemplating, and you'll need natural gas(though some work on propane,) here's an example:Combi Boiler

At the time we bought, there were no such thing as fractional mortgages, so we had to apply for a shared mortgage. 

He brought up a 60% Heloc Strat....Example given:$100,000 3/2/1 SFH$1,000/ Month Rent Rate30yr Mortgage 5.0%Option 1: 20% down20% down 20k, Mortgage payment of $430/month+$245/month expenses, cash flow $325/month ($3,900yr) + est $1200 in equity payed down... for a gain of $5100yrOption 2: 60% down60% down 60K, Mortgage payment of $215/month+245/month expenses, cash flow $540/month ($6,480yr)+ est $480 in equity payed down.. for a gain of $6960yrOption 3: Heloc 60% strat60% down 60k, Pay Mortgage payment of 215/month first 3 months, then apply for a 15yr HELOC ~5% for the 40k remaining of loan.

Depending on your tax filing status, Single, Married Filing Jointly, Married Filing Separately - you may be disqualified from taking this very valuable tax deduction based on your income and the nature of your business.

The lenders that we have applied with are requiring 25% down, which depending on how much the property is that you're buying and what rehab costs may be could push you over the amount of money that you have to put down.When we get some numbers I will reference you to the company that gave us the best interest rate, and possibly if I learn more I will share with you what I have found.Another thing to take into consideration is that when you are beginning to apply for mortgage loans to get pre-approved, you have a short window of approximately 14 days according to most Credit Score companies to get several quotes.

Apply your energy to learning the business and maximizing your ROI. 

I love BP and have learned and applied several good pieces of information from this site.