Seasoning Period Solution- Rate and Term Re-fi?

[Dakota Adney]

Hey BP Lenders!

Looking for an outside-of-the-box solution here:

My situation:

I'm in the process of constructing a solution to the 6 month seasoning period for a 30 year note in by BRRRR process. I purchased the property with cash, and I've only owned it two months, so I can't seem to find a 30 year note option.

Which led me to Rate and Term re-fi's. I understand there are no seasoning requirements. The problem is: I don't have a note on the property, so I'm technically not paying off an existing mortgage and therefore ineligible. 

My questions:

1) Can I file a note against my own property (with an LLC I own or a family member as the "lender") and therefore be eligible for a Rate and Term re-fi?

2) Are there any legitimacy qualifications for the "lender" being paid off? 

Extreme example: What if I have my grandma file a 15-year, owner-finance note with the county? I would immediately be eligible for rate and term re-fi, pay her back, and not wait 6 months.