The issue at the moment is, everyone is super-busy, so finding a contractor will be challenging and if you get someone who's readily available you have to ask yourself if they have no work is it because they suck?! 

The moment you feel you are comfortable and are able to communicate with a lender and a seller, then pick a niche and strategy (one for now).

Do cash out refinance: With interest rates very low at the moment, I've thought maybe i can refinance out of my FHA loan (3.75%), get rid of the PMI, and possibly lower my payment while also getting cash for my first rental.  

That was the moment I decided HUD was a JOKE and was so pleased to get out of the 203k reno and refinance etc. 

That is what I am currently dealing with at the moment.

I would be curious to see what they look like as I own a small mobile home park with some terrible little homes in there but I do not own those so have no control over it at the moment.

The HELOC would be a prime-based variable rate, so you'd want to either chip away at it over time, or keep an eye out for a moment when could refinance.The bonus of that structure is that you'll qualify for the amazingly low conforming rates for the first mortgage.

At the moment I still haven't gotten a copy of the seller agreeing to the new deadlines let alone anything else.  

(I've yet to verify)The balance remaining on the note at this moment: $156,664.03Note Purchase Price $118,000.00Monthly Payment amount $2,081.80Original Loan Amount was $250,000 and had a balloon.

I am currently trying to save as much money as I can at the moment as I am still in school and doing internships in which the money I get is going straight to saving for the first property.