Transition from Owner finance to refi with bank

[Duncan McGehee]

I'm trying to come up with creative solutions for financing a rental. Scenario is you get owner financing and get attorney to go ahead and get property put in your name (w/ no money down). The owner I'm working with is actually considering doing this to relinquish the property. They're actually the one that mentioned this. So, in this scenario the owner would oblige. After 6 months or whatever the bank time policy is, go to the bank and do a refi. I've heard of this being done several years ago. Not sure if the regs have changed since then. Was going to see what kind of reactions I got on BP before I went to the bank (somebody I know well) tomorrow to see if it can be done. Has anybody actually ever done this?