Your description sounds like a more real estate literate version of what I was trying to say.

assuming you have an extra $20k on top of the usual closing costs, yes you should be able to refi after seasoning is met, A word to the wise, know all of your closing costs for the initial finance and refi.

Your previous description of what you want to do is the definition of brokering real estate.If you put a home under contract and close on it yourself, and then you resell it - you are totally fine.  

Property Address 123 Main Street Asking Price $319,000 Description 3 Duplexes (6 Total Units) Down Payment 63,800     Mortgage 1218.37       INCOME Description 3 Duplexes   Rent     Unit1   550     Unit2   550     Unit3   550     Unit4   550     Unit5   600     Unit6   600             Gross Scheduled Rent 3400/mo 40800/yr   Vacancy   7% 2856/yr (40800 X .07)         Gross Operating Rent   37944/yr (40800 - 2856)                 EXPENSES         Insurance     2550/yr (850 x 3 buildings) Taxes     2217/yr (tax records for 2015) Repairs     2040/yr (40800 X .05) Best guess Property Management   4,488/yr (40800 X .11) 11% fee Water Utilities     3600/yr (Owner pays water) Lawn Care     2000/yr (200 X 10 months)         Total Operating Expenses   16895/yr           Net Operating Income 21049/yr (37944 - 16895)         Mortgage     14,621/yr (1218.37 X 12)         Cash Flow     6428/yr (21049 - 14621)         Cash on Cash Return   10.07% (6428/63800)

I will do my best to give a brief description of a property I looked at.  

In the Los Angeles area there are only a few properties that fit this description, most of which are in areas that are rapidly changing and have a high potential for growth.

Talked to local code office, and they just mentioned needing to do an inspection before water could come back on (standard for vacants).Property description not in contract - just an address and reference to preliminary title report (that they emailed me upon request).  

Here in Jacksonville we find a lot of properties listed in the MLS on behalf of wholesalers/investors under the description of "equitable interest".

A good description (for you) would be "duplex in the blah-blah area between $400k and $500k."  

Now for the numbers on the property:Property Description: Duplex with 4BR-2BA total, in a good area within 2 miles of local, large state university; exterior condition is good as it's brick with new metal roof, windows, metal siding on trim; interior has hardwood/tile floors, new ceiling fans, lights, appliances, and paintPurchase Price: $118,000Down Payment: $23,600 (with closing costs credit from seller, final number at closing was right at $24,000)Loan: Commercial loan 15 yr AM, 5 yr balloon, 5.0% interestMortgage: $750/moTaxes: $200/moInsurance: $80/moRent: $2,100 (rented to four college students as one group; tenants pay all utilities)Est maintenance/repairs/cap ex: $300/moVacancy: $100/moProjected cash flow: $670/mo or $8,040/yr (est. $4,200/yr in mortgage principal reduction)Amount spent on repairs: $15,000 (majority spent on new HVAC/duct system and appliances)CoC return: 20.6%I think that covers most of the relevant numbers.