It cash flows about $400/month currently.Currently the rent for the duplex is $1,120 with a mortgage payment of $1,193.

It's a more expensive market than the Midwest and the short term cash flow is lower and that is the trade off for being a few hours away in a landlord friendly state.

My goal is to not burn up all my cash with a down huge payment, but find other investors to partner with and share cash flow or equity, and keep some of my own cash liquid reserved for repairs/emergencies.

Don't do Cash out refinance that's a mistake.

Looking out for suggestions @Kaushik SarkarIf the equity in your properties is your only source for new investing, and the new property you are buying still cash-flow's with the cost of your borrowed money (from your properties), there is no reason to not use it as an investment vehicle.  

Opportunity to refinance cash out to buy more properties.

Not bad for an extra $1,000,000 in coverage.Discuss with your Insurance agent and Attorney the recommendations on if the $500,000 limit is enough.  

Based on the improvements and upgraded cash flow the NOI capped out much higher so I was building both equity and cash flow.

I build it like any other home there's nothing special except for some of the extras we add in for functionality. we sell our inventory though. 

Applicants offering to pay extra are a red flag.