I’m new to this so I would appreciate it if you explained your comment.

After completion of each phase, I will refinance through a local bank.

All the banks want atleast 20% down.

We found a bank owned home very much below market price listed at 350k, ARV comps going for at least 500k, think this one would be closer to 550k all finished.

You basicly become your own bank.

I have excellent credit, zero debt, and a decent amount of cash in the bank.

Typically, the loan mods that I've seen from the banks and hedge funds involve "deferred principal," and only modify the note and not the Deed of Trust or the Mortgage.  

Looking for recommendations to cash out refi 4plex in Arizona.Would it be better to go with local bank or a broker?

Listing agents as part of their contract with the selling bank typically can not get both sides of the deal.Selling bank can do whatever it is they wish, they own the property.

These are big ticket items that were planned for but if the planning took place too far in the past, a roof that was quoted and budgeted for $80,000 now cost the HOA $105,000 that $25,000 has to be made up quickly into the HOA bank account.