Realistically, considering we are new my primary goal is to increase deal flow.

@Belinda Lopez Thank you for the detailed explanation.

This is not my primary residence. 

Given this, I now have real life numbers , and can now look at what my best options will be 6 months from now ( in June of 2016 ) , to continue my pursuit in purchasing Rental Properties.Here are the stats on the Property I just had appraised / will be closing on in 2 weeks .Purchase Price is $68,000  ( includes my all in cost ... repairs, closing, down payment, etc. )The Appraisal come back on the property for $108,000 This gives the property $40,000 in EquityThis will be an Owner Occupied property ( Primary Residence )My goal with this property, is to Hold on to it Long term, and use it as a Rental property in a year or so from now But my short term goal ( what I am wanting to do ) is to do a Cash-Out refi. at a LTV of 80%   (  or roughly $21,000 that I could pull out in the form of cash ).... 

We bought it as a primary but just recently decided the profits would be too hard to pass up.

Currently own 3 properties, 2 rentals and 1 primary residence.

The second is my primary residence.

@Angelo Wong great post and explanation.

How to buy properties that are far from the primary residence?

Common strategies to take advantage of first-time buyer perks are  to invest in a duplex and live in one unit or house hack - buy as primary, fix up and rent out.