If/when the home appraises for $150k, refinance 70% of that $150k thus pulling my initial $105k out and leaving $45k of forced equity still in the deal while still cash flowing $200/month. 

No good reason to leave tenants on an oral lease, but they are legally binding.

They did leave a voicemail.

Money is too valuable to simply leave it sitting around doing nothing.

From a legal standpoint, if you have any litigation taken against you that either exceeds your insurance OR your insurance refuses to cover... it leaves everything under your personal name's exposed.

You could close the refi and the purchase in the same time, this way you will be allowed to refi and investment and purchase as owner occupied, otherwise you will be forced to refi owner occupied and leaves you with the purchase as an investment 

There are extra benifits to house hacking but numbers have to make sence for when you plan to leave said property. 

@Catherine Angle If you're thinking about wholesaling be sure to leave some meat on the bones!  

We fear the tenant will stop paying and never leave. 

If money is an issue, right now leave it as it is, and do it when you make some money from the venture.