This is a great deal!

I'm looking for guidance on the following options - 1) cash-out refinance my house hack duplex so I can buy another soon, or 2) just do a rate and term refinance, then keep saving and wait to buy another.

I'm still considering going with this product if I find the right, move in ready single family property that would work for a house hack. 

If you are house hacking then you can't use a owner occupant loan (FHA, conventional, etc) to purchase.

I think anyone who might move out of the area in a few years should not be looking as much at house hacking.

From what I see, no matter what, most people cannot operate effectively in this arena.

I'm looking at two different lending options.Regardless of which option I choose, my plan is to refinance by Year 5 of owning the property to: a) get rid of PMI if appreciation is good and LTV < 80%, and b) cash-out equity to purchase a second house hacking property.Assumptions: All in cost: $506,500 (purchase price + rehab costs + closing costs)FHA 203k already accounts for ARV, no natural appreciation, value is flat with LTV at Year 5 between 88-90% 30 year Fixed Rate Mortgage 6.5% APR and 3.5% down, P&I of $3,0915/1 Adjustable Rate Mortgage 6.0% APR and 3.5% down, P&I of $2,932That's an additional ~$150 in monthly cash flow during the first 60 months of owning the property prior to refinancing if I go with the ARM route. 

I wish when I got started I would've house hacked my first house.

What made you interested in investing in this type of deal?

We're just having trouble locking in the location that'd be best for house hacking.