@Wesley Van Steenbergen, if you are not sure, run your comps with 90% market rent and put away 6 months additional reserves.

Do you have enough reserves for the unexpected?

If not, perhaps I'll have to settle for a MFH that starts at like 6-8 percent with good reserves for down turns/repairs and slowly have it build up from rental increases...

I have wanted to seek a private lender but I’m interested in holding rental property and need funds for down payment and reserves.

This implies you do not take the extra money obtained in the refi and squander it unless you have reserves to handle a Great Recession event (which this virus may be a GR like event).Take the money now, but if you do not have sufficient reserves consider using it to build those reserves. 

I am not in a position to cover any major repairs as I have dwindled down my reserves prior to CV.

Good for you congratulations, lots of information that is irrelevant here but... potentially can afford a home little over 800K, now the questions will you qualify for a loan ... hypothetically your wife might not go back to work.20% down great, reserves for closing costs, appraisals, moving costs, new furniture, and any fixes needed the wife would like -(pink or blue nursery)?

During that time, I have also been incrementally increasing my cash reserves and I currently have enough to cover any expenses for at least a year in the case that I can't find a tenant and the property sits vacant.

I am not in a position to cover any major repairs as I have dwindled down my reserves prior to CV.

Otherwise, you shouldn't worry too much.You will always need cash reserves on standby and if you don't have those reserves then I would open up lines of credit at a bank and only use it in the case of an emergency.