So my question is, can I get a mortgage of 100k at the time of purchase in this case, and then do a rate and term refinance to pull my money out, even though the purchase price is 60k? 

I have about 200k equity in my house so taking out 25K is not too much, and my mortgage payments would not go up too much.

In particular I was wondering how one would get the numbers to work if there is a mortgage/lien against the home???

There are cheaper ones probably, but she's been using him off and on for many years and he pays quickly.

closing on a fourplex in Folsom PA at the end of the month. was going to use a property manager but ill be living in one of the units for the first year( FHA loan) and will only be renting out 3 units. while the 3 units will coverage my mortgage payment it wont cover my expenses.

Senerio: I own a double with a partner that is "technically" paid off with no recorded mortgage.

I get these lines of credit/ mortgages off my investment properties that are rented.

I am buying my second rental closing on Monday with a 25 percent down payment and a 30 year mortgage.    

One thing to bear in mind is that if you obtain a mortgage on your rental properties, then you will need to file a tax return for your IRA to report UDFI (Unrelated Debt Financed Income) tax. 

If you have a mortgage, you should keep 20% - 30% in cash reserves for hard times.