@Jesse Rodriguez - Yes, that is always a risk, but just be sure that you do a comprehensive ARV analysis before you request the refinance to ensure you are at the 20% threshold.

What investors want from you as an investor-friendly agent is what regular agents can't give them - detailed correct analysis, hustle for properties no one knows about, and neighborhood finds before anyone else does and why.

My minimum analysis for repairs is $50 per month per unit.

If you haven't already, I highly suggest you get an architect to do a zoning code analysis for you and to find out what all you can do on your parcel.

Sending analysis to bank for pre-approval today.

From everything that I know in this early stage, it feel like a winning plan to me.  

My only hang up here is a little analysis paralysis, and knowing that I myself wouldn't want to live in the one unit that's coming available without a little updating.

So given I'm at the very early stage, I assume it's easy to just get a loan from a bank (given my reasonable income etc.), would it still be better to talk to a broker?

Assuming this is residential, that would be 27.5 years.You can do a cost segregation analysis and re-categorize the entire building into its component depreciation buckets. 

At this moment, I'm expecting to be able to obtain it for around $140k and the market analysis shows that it'll appraise for around $200k.