Capital gains are calculated as:Sale Price - (Original Purchase Price + Capital Improvements + Selling Costs) - depreciation (if applicable) = Capital GainYour mortgage or HELOC balance does not affect this calculation—it only determines how much cash you take home after the sale.In Massachusetts, if the home was your primary residence for at least 2 out of the last 5 years, you may qualify for the Section 121 Exclusion, allowing you to exclude up to $250,000 (single) or $500,000 (married filing jointly) of the gain from federal capital gains tax.

You fill out an application, provide proof of income, credit report, list assets, list liabilities, and so on.  

The fee to submit an application is $600.00.

My mom says to ask if they're almost done with the application and let them know that another couple inquired and offered $1,700 and see if they want to match that price.

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A potential issue that could pop up with the refi is your current address on the application being the subject property on a business purpose DSCR loan.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Here's a list of things to track:- Formal lease application- Formal signed and executed lease specific to your state- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)- Maintenance requests and receipts- Accounting for all rental-related expenses (repairs, utilities, etc) The more you treat it like a business, the more helpful you are to your CPA come tax time. 

Quote from @Stephen Smith: You are correct, this can happen, however, if your application is full and complete this is an expectation.  

For this post, the long story short is that no cats were on the application but lo and behold, there are 4 cats in the house during my first inspection.