About 2yrs ago, I transitioned into multifamily with the first year of that purely education...so, I dig what you and everyone on this post is saying about your education. 

Some lenders base the refi purely on appraised value so, As long as it appraises high enough you can take cash out.

Imo I could sell tomorrow for 130-140k with multiple offers so we're looking at a worst case scenario of a profit of only 6650 which would be awful... but my expense estimates were very very high and the amount on the loan is under 80k currently so we will still have cash at the end either way... but from a pure profit standpoint it's a thin margin and if we assumed a holding time of 6 months for a quicker flip and financing for material we'd be in bad shape even without labor costs.  

Plus you now have a rental.If you buy a pure rental you have to put 20% down.

This is purely for investment purposes. 

A couple of older threads.http://www.biggerpockets.com/forums/50/topics/15243-owner-occupied-financinghttp://www.biggerpockets.com/forums/48/topics/18061-owner-occupied-to-pure-investment-questionSomething else to consider is current Fannie Mae guidelines require rental income to appear on two tax returns before they will count it when applying for a new loan.

A pure zero down loan is pretty much unheard of in commercial space.

Its pure profit.I fully get that agents sometimes show a buyer a bunch of properties only to have them buy nothing. 

We are going to buy a duplex and have it as a primary residents so we can get into it for a lot less than just buying it from the start as a pure investment property.

It's a pure appreciation play, which is quite speculative (though may fit someone's investment strategy just fine, depending on their goals).