Borrowers that purchased during the last 24 months, particularly with alternative mortgages such as DSCR loans at elevated rates could see worthwhile refinancing scenarios in the very near term just as any early payoff penalties are expiring. 

First home will be with the VA loan so I have to homestead it and then after the first year I am refinancing then turn around and do it again for the 2nd home, but I wont have to wait another year because I will have the rental history at that time.

I'm still at the very beginning, so I'm learning more about the different kinds of loans out there, as well as refinancing after doing value adds.

Despite going through this stressful process, I'm planning on refinancing out of my current FHA loan into a conventional loan so that I can repeat the process with another FHA 203k loan because it is a great house hacking tool.  

They have all be refinanced, with cash on top, and rents have grown to cover those costs.

Refinancing 1 property is cheaper and easier than refinancing 2 properties to get at that money. 2.

Used a loan broker, then refinanced at a lower rate fixed for 10 years after 1 year.

I also don't want refinancing risk, so any deals with only 3 to 5 year debt are out for me.

The characteristics defined by the location include:Total capital required: If you can grow your portfolio using accumulated equity by cash-out refinancing, which is only possible in areas with high appreciation, you'll need considerably less capital from your savings.Inflation protection: Whether rents outpace inflation, enabling you to sustain your lifestyle indefinitely, only occurs in cities with significant and sustained population growth.Income persistence: How long your income will last.

It was a hybrid between a HELOC and an equity loan but I wound up refinancing to a larger amount with fixed rate conventional loan (to pay for a renovation).