It is newly renovated with stainless appliances, tile and wood floors, designer stacked ledge stone, glass & stone backsplash, crown moulding, upgraded lighting, ceiling fans and an updated washer/dryer combo.

If I pay for the property in whole with cash, renovate it and rent it out can I still refinance that property with the bank?

And of course your area may be different in terms of cost and also some jobs don't require a full cosmetic renovation, but most of mine have.Then of course check the big ticket items like HVAC, roof, exterior siding/masonry repair, windows, interior sheetrock replacement, foundation and water heater and know approximately what it will cost to fix/replace each if warranted.  

JonathanDid you try finding a lender that will do the HomeStyle Renovation product? 

I think that since I've saved a lot and have stable income elsewhere, along with several other friends in similar situations, I'd like to get right into multifamily units and/or partnering on even larger stuff. 

On the other hand the owners of the LLC are taking a larger risk but have the potential for more profit.

I've renovated SFHs before but I am not licensed.

When they bought the building, during renovations they tore out carpeting, hepa vacuumed as much trace of any previous pets in buildings, removed and replaced subfloor where needed, ran hepa filters, painted walls, etc etc.

Again live there for a year or two while we save funds for the next property.The next property would be a bit larger, it would be bigger than a four-plex I believe a commercial loan would be required?

I slowly dug out of a home renovation-to later become a rental.