Originally, the plan was to pay my private lender back through a refinance.

Cash out refinance?

You could refinance them and cash out some of the equity (up to 80%) or you could get a line of credit using the equity of the properties as collateral.

I’m looking to cash out refinance my primary residence and use the cash to buy rental properties. 

I refinance for money that I expect to need for a longer term (such as purchasing a property with no value add).  

Once you stabilize your portfolio, hook up with a local small bank to refinance and cash out.

If you renovate and then decide you want to hold and not flip, you can go back to the same lender or another and discuss a refinance.

We are thinking cash out refinance is not a great option because we refinanced both SFH's when the rates dropped real low to 3% and 2.75% so we would be going way up on the rates to pull out that cash.

I lived basically rent free through college until my home equity grew large enough to try to refinance.

I lived basically rent free through college until my home equity grew large enough to try to refinance.