Second, how would you approach the refinance to complete the BRRR method? 

Ideally, I will be using the house hacking method so I would like to purchase a duplex/triplex.

I suspect using this method it will likely take at least as long as Axel suggested. 

Are there alternate methods of getting the tenant out???

I think we are looking at flip and rental methods which the BRRRR grabs all those in a nice package which is awesome.

I'm new to the board and I apologize if this topic has been discussed numerous times before. 

@Floyd BonnerThere are two main methods of buying rentals.  

That said, there are different entity types that may be beneficial for a flipping business (LLC, S Corp, C Corp, etc.)For rentals, there is a degree of personal preference - some like to have a separate LLC for each investment, some use Series LLCs, some group a few investments in a single LLC until a certain threshold of equity is met, like @Tanvir Sattar mentioned.Although, I don't typically agree with that method because the investments within that LLC are still vulnerable to others within that same LLC.

In order to identify whether a property makes sense for the BRRR method, find a property you are interested in purchasing and see what the newly renovated homes sold for in the past 6 months.

But it all depends on the deal, how fast you can finish renovations, find a buyer, & close.If you’re just looking for long term wealth, then you could do a BRRRR, buy another property and continue on that path.With $40K you could even invest passively in multifamily syndications, and over a 3-5 year period get over 100% of your money back on average.Now every deal is very specific to market conditions & the operator of the deal, but nonetheless, syndication is an easy way to build wealth.With everything going on right now in the economy, I would be weary of jumping right into real estate without first having a SOLID foundation of knowledge in how to accomplish these investments.Things are changing rapidly in the real estate world, and if you aren’t prepared, then you’ll be washed out and broke in no time.You’re welcome to check out our website which explains everything you need to know about multifamily syndications and the market.All in all, if I were you, I would do some more research on whatever method you choose and then become the expert in that niche and your local market before jumping into anything and spending $40K.