I'd vote against refinancing into a higher rates unless it truly makes sense. 

It was going to be an owner occupied and the building has had 3 price drops already from 2.5mil to 1.8mil.

If I could give it to zero ratings I would.

I get about an 85% hit rate.

Instead, rates are increasing.   

You sit and you wait....With new construction waiting isn't as bad a renovation because your holding cost is around a 7% rate, where as a renovation you are probably on a hard money loan at 12-15%. 

Not looking to refinance due to the great interest rates  4% on 30 year loans but would have not talked to any lenders that will do HELOC's yet.   

Currently at a 50%+ savings rate, making it work.

@Bryce Jamison you have to drop mom off I guess :) Seriously though a beach cart like wheeleeze or something to bring the stuff to the beach is good even if you are only 2 blocks away.

It's also important to plan the timeline for each renovation aspect to understand how it impacts rental rates, cash flow, and property worth.