Option 1:Live in the whole house -We absolutely love the house and it has lots of wonderful features and upgrades, as well as the basement is completely finished and is beautiful.

We recently did a full kitchen reno, added a powder room and will be putting in a deck this spring on the NJ house.After these upgrades are complete, it’s our goal to refinance our home at a higher appraised value and use those funds to invest in a multifamily property (still evaluating markets).I have a good relationship with my lender so was planning on opening the conversation there, but does anyone have any tips, pitfalls, etc. when it comes to refinancing after making renovations?

I argued to the seller that we wouldn't go higher than $45,000 as they've made no upgrades to the house since they've owned it.

I am just asking because of the $47K in repairs are those upgrades/renovations or would those be "Subject to" the appraisal/inspection? 

Requested new construction incentives from builder (appliance upgrade and money paid towards closing cost).

Requested new construction incentives from builder (appliance upgrade and money paid towards closing cost).

It's better to do the refinance as an owner-occupant, rates and terms are better.This way you have your first rental property, you can move to Dallas, use your VA to purchase there, and potentially have some cash.Of course, I would place the AZ house with a property manager (self-serving comment) as my perspective is that out-of-state managing is risky.Nearly every investor starts out with one property and it's not uncommon that one is one they lived in, upgraded to something bigger, better, relocated, whatever, and kept as a rental. 

Any broken pipes have to be replaced but you should go through the additional expense of upgrading the entire plumbing system to pex because it is more resilient in cold temperatures.I know politicians and media claim the earth is heating, but I am expecting more cold weather in the next ten years and people should prepare for it.

This may allow you to add that additional until without upgrading the entire building to IBC code (commercial code) instead of IRC (residential).

I only made a few minor upgrades.