If you refi the FNMA loans into a commercial loan, then you are down to 0 FNMA loans, and you can do cash-out.There is a 6 month seasoning requirement (from purchase date) before you can do a loan against a new appraisal.Upen Patel, Mortgage BankerFederal NMLS# 1374243

I'm a new father, soon to be husband and a seasoned business owner of 9 years.  

Pm me for actual numbers and even links if you like.You are right, though, you are seldom going to find a quad in an ideal, dream home, stepford wives type subdivision of white picket fences and Norman  Rockwell charm...The quad on quad street is no one's dream home, but if you have a good product at the right price, you may get dozens of calls ( I have logged a hundred in the peak season) for that clean but affordable humdrum unit on quad street.

If you are okay with living in the duplex, let it season some, and, as mentioned, keep saving up for the down payment on the next one while studying the market and expanding your landlording skills--both on the ground with the duplex and with books (I have a Classics of Landlord Lit" blog post, but you may have burned through the core reading). 

Originally posted by @Kevin Br:Update on this post...I officially pulled out of the deal this morning...You probably dodged a bullet.

Things in my market are slowing down for rentals which is seasonally expected but surely there are better applicants out there.  

This increases expenses initially until the property is "seasoned".

It could be somewhat of a seasonal phenomenon but it also could indicate that things are cooling off.

I am trying to liquidate some properties, but this will be the slowest selling season.   

I personally envision us being in this position for a bit longer, especially going into the winter and having the seasonal slow down.