Conventional Refi for a Property Purchased w/ Quit Claim Deed

[Sam B.]

I am looking at purchasing 8 properties from a business partner. My plan is to purchase them with a 100% LTV private mortgage from my partner at about 75% of appraised value and immediately turn around and do a rate and term refi to pay off the private mortgage, or as much of it as possible. As per Fannie guidelines this should work and I've talked to a few mortgage people I've worked with about it and they have agreed.

My question is, when I purchase them, is there any issue with purchasing using a quit claim deed or SWD? Will a Fannie lender want to see a HUD-1 from the initial purchase, or will the deed suffice? Trying to save on paying title insurance costs twice as I will be refinancing these immediately.

The title on these properties is clear, my partner and I purchased them last year with title insurance etc so we are covered as of then.

Any mortgage experts who might have some insight here?