@Robert Villanueva, I can't help you with costs, scope of work, etc, but as to payment, there are a few guidelines that I use.

The rates/fees will be higher than a bank's but underwriting guidelines differ, which allow you to pre-qual and cash-out refi based on other factors and in less time. 

As for the addiction comment, he's right in that I have seen a few people come and go because gambling problems ruined their lives.

Account Closed since there is no way to know the actual expenses, I use 50% as a guideline. 

Check you landlord tenant state laws so your within the proper guidelines to proceed. 

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract.

If this was an IRA or 401k then I certainly hope your friend has been informed of the IRS guidelines and the fact that he will incur UBIT (a special form of taxation on retirement accounts) on income resulting from these flips.

Im going to be lazy and say reread what @Harry Gamble said.

I have refinanced houses before and have never ran into the problem of a quick transfer from my LLC to my personal name In reference to this guideline for cash out refinance:  The borrower must have been on the title to the subject property for at least six months prior to the note date of the cash-out refinance mortgage.I typically purchase my properties in my individually owned LLC.

@Myrna Santos, if you multiply your current savings by 28.57, theoretically, THAT'S the value of property you could afford to apply for under FHA-approved owner-occupied Lending guidelines*.* (I'm not sure of extra reserves they also force you to set aside, which could change the multiplier).ie.