It was being done during the boom years and you can google it but there are limits on cash back at closing and to intentionally due it to inflate the price is illegal.

However, there is a rental cap ( renter to owner ratio limit).

So a limited building permits and houses that are focused on owner occupants (read as higher priced) are creating a higher demand for affordably priced, lower end SFR that (ultimately) looks to put the 'entry level' rental housing product into a position to experience appreciation over the next decade.

But there has to be some they are just not on BP  :)I wasn't aware just how limited the responses would be.  10 years is not a long time in the buy and hold world.

Hello, My neighborhood is an up and coming neighborhood in the Norfolk City limits with many houses dating back 100 years, and 80% are pre-war.

I am not sure on Chicago laws, but I know a friend has a rental home in nearby Lake Geneva, and they just voted to limit short term rentals. that was how he made his money.

Regardless of the 5 or 7 year limit for bad info to stay on your credit report, some banks still maintain their own private records forever.

Otherwise you are pretty much in a lease to own situation which gives you limited rights to the property no matter how  much money you put into it. 

Whether I use all cash to purchase or use a HML, if I perform a refi to cash out, I am limited to cashing out only the purchase and closing costs.I've re-read your post several times.  

I'm hitting the conventional loan limit soon, and am wondering what my other options might be.