If you're going to flip it why refi, you're going to have to pay additional fees on closing costs etc. 

If you were ok with taking on additional debt (loans your tenants would pay down for you over time), you could potentially leverage that 475k into 10 or more cash flow properties (though there are limits on how many loans you can carry at once).Of course, there's always a middle ground too: sell the condo, use some of the money to increase your DP on the new house and use the rest for investing.

In addition to the links that Marlon suggested, I’d also recommend going to Meetup.com and looking in the “Career and Business” category. 

There is a a leaky faucet in third floor bathroom which has created damage to second floor's bathroom ceiling in addition to some other possible pipe/water issue as it was mentioned that after taking a shower water was found directly outside of the bathroom on the floor of the third floor apartment .  

Additionally I would have to ask the question of how would I move from this primary residence to another and being approved for an additional loan?

Additional criteria: 200k ARV, B- communities, 1-1.5 hrs from Dallas, decent schools. 

We have a Lanai/ Deck addition and looking for someone with drafting skills to assist with a scaled drawing for permitting.Mahalo for the help!

I think that an approach that might help accelerate this vision would be to continue that savings rate, but to consider a "live-in flip" - one or several, in addition to a plan along the paths that he mentions. 

Additionally, we use a set of spreadsheets for categorization of rental expenses, plus another for property maintenance, task lists, etc...

In addition to the above, once you put your apartment online for rent...you will know if it's reasonable or not based on the number of inquiries you receive.I just placed my 1/1 w/ Office online and received 60+ inquiries within 2 weeks.