My thoughts are the total cost to purchase 4-5 homes that can pull $500-600/month is less than the cost to outright purchase a higher valued property.

I am going to purchase the house for less than what it is going to appraise for so I’ll be able to refinance and pull out money this time next year to buy a primary residence (still living at home currently).

I think it's since been pulled. a local investor group I'm in had noticed it.

The solution is to get the property under contract before promoting it to outside investors.Many newbies are of the misguided belief that because they’ve identified what they think is a good deal in the marketplace they can find a money partner and get 50% ownership for finding the deal.

You could also look into delayed financing with a HML then buy house in cash and pull out a percentage of the purchase price after you buy it, let's say 80%, then use that cash to fix it up. 

Looking for local lender in the market who can pull together 3 pre-approval letters in 1 day on a series of 3 4plexs.

Usually unless in really bad shape it is harder to flip duplexes you also included no realtor fees in your calculations which can be tough to pull off.

That means I have been doing a good job of research before pulling the trigger on my purchase.1) No performing work on the property nor doing the PM.   

Willing to do cash out refi's so I can pull the cash back out of the property, B.)

Sorry, last post lolI should have mentioned that, in general - and especially for new investors - I recommend that people try to make a trip to the market they are considering before they pull the trigger on a turnkey investment.