Will - I'm working to refi primary and another rental we have, but selling the primary before running out of cash on hand is doubtful (it's also an expensive property) and we'd need to sell one property to be able to carry the flip house mortgage long term. 

I am wondering how much of the risk is in the unknown in the first.  

I personally would rather take on the risk of an older property like this with better cash flow and lower rental rates that tend to be more recession proof.Unfortunately, there are basically no multi family residential properties around the Ashburn area.I hope this helps in talking with your partners.

If I go for traditional financing even tho I dont have it refinanced and rented will they consider it or will it be too much risk on my end with the hopes of renting and using that cash flow.

If you don't have comps, its very open ended and likely a decent amount of risk.

It helps you decide if the risk to your capital is worth pulling your money out of a CD, etc. 

But on the other, i run the risk of having a whole neighborhood that's out to get the new landlord on the block.

The flip 5 , buy 1 strategy has allowed me to take my profits off the table while intentional growing my passive income stream and reducing my portfolio risk.

, you can reduce your risk of getting a "professional tenant" who knows how to abuse the system. 

Auctions expect you to close on time or you lose your deposit and are often at risk if it resells for less.