They may/will not even look at the refi of a cash property unless you supply the HUD from the purchase which you do not have cause you haven't closed the loan.I think if you pursue this you are heading toward headache land and you may possibly screw yourself. 

There is no point in buying a rate down in this environment, take no prepay or short prepay option, then refinance when rates drop, no need to spend the capital when it is clear we are headed down in the nearing future.

During the pandemic years, it became increasingly popular to lease month to month which creates opportunity to increase rents rapidly on in place tenants.I'm buying a condo this month in which the tenant agreed to stay and signed a new lease raising his rent $250 per month. 

Well @Sam McCormack, @Russell Brazil hit nail square on the head for impact in my team. 

As a local investor and head of an investment-focused real estate team, I’d love to chat and see how we can partner up.

This looks like a pretty decent program if you can wrap your head around it.

Who appoints the Head?

It's in Grand Rapids, MI for reference.

Keep your head up and keep analyzing properties! 

These are off the top of the head, so if I come up with more I'll respond again.