.- Do a cash out refinance on the current mortgage to have some cash in hand in case I couldn't find the tenant sooner?

I don't see why it separates the P&I for the initial mortgage and then the refinance under the refinance tab.

I have two rentals that I would like to refinance and make into 1.

So that way you can REFINANCE and get the money you put into the property back out and do it again. 

View report*This link comes directly from our calculators, based on information input by the member who posted.Hi, I am looking at finding the best location in LA to buy a fixer upper to hold as rental for students by a cal state or LACCD college like LAVC in the Valley area, to then refinance and repeat. 

How are you guys calculating your cash on cash return after you cash out refinance once or twice.

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I figure if I were to complete the process in a few months and refinance I could have the initial loans paid back with as little interest as possible.

3) Did you refinance it before moving?

I'd stick with the conventional loan (refinance with conventional if you want the cash with a lower ltv avoiding PMI) and if you're going to use your VA eligibility, use it for a purchase where you won't have to put money down.