You may also want to start talking with your bank to to see what kind of loan you could get and in what price point.Best of luck. 

@Ceasar Rosas one of the banks that I have told me they would only support up to 2 units with a VA home loan. 

Getting that voice takes work, just as learning useful things also takes work.But if the numbers rather than the names attached to the votes matter all that much to someone, I don't think real estate is going to be a very rewarding field for that person.

You could obviously use the HELOC, or borrow the down from your 401k, you could save cash for a down payment and get standalone financing for the new buy, or any number of things.There's plenty of SFR near you that would cost less then 165k, and I'd be tempted to use just as much equity as I needed to put a down on the first one and get it rolling before repeating the process.I wondered if you'd ever heard of the Infinite Banking Concept?

Most of us always look at an income based analysis anyway, but the banks will take this in to consideration for 5+ units.If you are looking at 2-4 units, it can be trickier.

Owner finance or bank loan.

Assuming 20% down is needed, any local banks (M&T?)

Purchase closing costs seem a little low, did you count the bank fees for the loan?

How to do I position myself best to refi with the bank?  

Found a 4-plex in residential area (population <3,000) about 45 minutes away.Purchase Price: $92,000 (MLS) Bank Appraisal: $99,000 (appraised "sale" value)Mortgage: 20% Down, 5/15 ARM (self-employed, first mortgage)Rent Roll: Full occupancy = $2,050/mo; currently = $1,630/mo (3 units with long-term tenants, studio unit vacant)Roof: No leaks but needs shingles in 1-3 yearsHVAC: One gas boiler, hydronic/radiant heat and hot water; no ACOther: 2500 square feet.