I convinced my parents to cash out their equity, I’m 22 with a Realtor license in Chicago, should I buy/ finance for a multiunit, buy a couple rental units, or flip a property? (For my first step in REI) Keep in mind ...

I removed the PMI and instead of refinancing I just did a HELOC since it was still considered my primary residence.

Maybe you can look into refinancing your first home if the rate is so terrible. 

We are refinancing our current property now to a conventional loan, so that we have the option of an FHA loan for our next multi-family house hack, this time will be a 3 or 4 family.Hope this helps!

Is the refinanced based on appraised amount? 

After refinancing we pulled 61k out and left a 15% down payment with the equity we had created.

It's definitely harder if you're trying to be a passive investor here unless you have excellent boots on the ground, but I've BRRRR'd 4 deals here, and they all cashflow very well even after refinancing out most of my cash.

Whether your sponsor is holding onto refinancing strategies or capital buffering in their toolkit, they should be transparent on how the asset is securitized or leveraged to handle risk in a downtrend.At Rev Projects, we take a conservative approach with our underwriting so that we can confidently enter a new project.

I've heard a lot of banks are only refinancing to 70% LTV so just do your research you got this!

Therefore, refinancing it out shouldn't be a problem.