Also, depending on your age, you can't draw income from the property until age 59 I believe.

This will depend on the bank and ownership structure.

The amount of the cash out -- the amount over and above the loan balance you refinanced -- may be deductible depending on how you used the cash out proceeds.If you used the proceeds of the investment property refinance to improve the property then all of the refinance mortgage interest is deductible for that investment property. 

Certainly a duplex, triplex or fourplex could be great, depending on the deal. 

sure thing.your developer/buyer/builder is going to need to pay out side consultants to prosecute the subdivision plat.. this may include among other things the following depending on jurisdiction:survey workengineering worksoil  testinggeo tech reports.city and state applicationsetc etc.. you want it in your contract that when this developer pays for these items.. that they are also your property.. in other words if he does not follow through he hands them over to you.. because these items are the property of who ever hired the consultant you have to specify in your contract that the buyer if they don't go through with the deal will hand this stuff over to you.this will help U resell if needed or prosecute the map your self without having to pay for these things all over again.

The rehab costs is a separate depreciable asset so figure out how you can depreciate those (depends on what was done).

Some work I would need done would be some tile replacement in a bathroom shower, a leaky sink faucet replaced, and kitchen fan replaced / fixed, and possibly (I am undecided here, depends on how much the previously-listed runs for cost) some framing done - My property was originally built as a single-family home and split into a duplex, but shutting off / sealing off a door, which is still a door.

A lot of the decision making for this opportunity would have to depend on your business plan and management strategy.

Regarding interest rates, all of the options you've listed are very reasonable depending on the circumstance. 

@Matthew WardAny payments coming into you for services should be considered revenue.Any payments going out should be considered expenses.It depends if your books are for internal purposes or if its for tax purposes.If its for tax purposes - Payments for properties should be classified as an asset.