Yellow Brick Road-Debt Question-Converting Shorter Term Debt

[Robert Harwood]

Hello BP Forums, I got started investing in SF rental homes back in October 2018. I currently have 7 properties I have acquired through the BRRRR Strategy. The 1st home was purchased with cash, renovated and refinanced. I have been able to pull most if not all the money out of each one. Home values are in the 60-85K range. The homes have 20 year AM 5 year balloon commercial loans on them. I have a very specific home I look for and I know the criteria to make it work. My concern is the loans I am acquiring and where things will be in the future (nobody really knows).

Each property cash flows roughly $250-$300/door after all expenses. I am building up the repair/tax accounts and trying to be smart about each acquisition, cash flow and reserves. 

My question to the community is the strategy. I am trying to move at the "speed of opportunity". I'm not buying things just to buy them. My goal is 40 homes in 8 years. Is it possible to take some of the loans in the future and convert them into longer term debt with no balloon payments or something with a longer balloon period. A portfolio loan of some sort. I'm currently in the scaling mode to get to 40 homes, once I get there then I want to focus on more stable debt and pay down of the debt. 

Are there options to convert into or will I be stuck with these and no banks/lenders to take them on?

Is this a smart way to go or am I building a bomb? 

Any insight would be greatly appreciated. 

Thank you.