It is hard to say anything wrong with the theory or say this is a scam but this investment turned out being nightmare to us.  

There is an entire thread on BP devoted to exploring the leveraging of high cash value life insurance policies to invest in real estate...https://www.biggerpockets.com/forums/519/topics/245380-paradigm-life-infinite-banking-whole-life-insurance?

Generally speaking, cash upfront is a scam used by professional tenants to put landlords into ugly situations.

I attended, was wise enough not to give him a few grand, and when I Googled his name with the word 'scam' I found an article on BP and learned real estate for free. 

Let's hope it wasn't that guy that was scamming people on 1031 exchanges.

Thanks for the quick feedback,Refinancing would save about 60k over the life of the new loan compared to the old load with the PMI, I also spoke with my current lender and there isn't much they can help with as far as the current loan other then refinancing, there rate seems high compared to a few others i talked too, so i will definitely shop around a bit. my next question i guess would pertain to these seemingly scam like letters i get and ads that pop up that go something like " under president obama you can refinance out of your current loan and cost you nothing if you owe less than 679,000" obviously nothing is free but are there programs like this?

Most of these events are a complete scam.

He’s either a wholesaler who just has it under contract, scamming you and doesn’t own it or the owner is listed as an entity and he owns the entity.Hard to say.

This is absolutely a scam.

Have you guys found they're usually an asset or a scam?