The ones with no seasoning periods will make you pay dearly either with the rate or with loan costs.In the scenario you mentions above, if you bought a house for 30k (you didn't mention doing any work, but I assume since you mentioned BRRRR there is a rehab), you do the work and get a renter in there with a lease and then after the seasoning period, you now can refinance based off the new value of 165k of which you should get 75%.But why 15 yr mortgage, why not 30 yr to make the payment smaller?  

- Dividing by 3 units (you have to live in one for first 12 months) leads to $1867/unit/monthly rent.- Dividing by 4 units leads to $1400/unit/monthly rent.What are you factoring in your ROI & cashflow calculations for maintenance?

So if you saw a BEAUTIFUL acre sized horse property on the edge of town that every wanted and every one agreed was worth $1M today.

One I would keep as my residence. 

Refinance is one way to do it, if you want to avoid getting new debt because cash flow is high look into lease options to buy or executory contracts.

I dont know the terms of this specific home equity agreement but the ones I have seen in the past were pretty expensive.

As more top REITS enter the space the investor will be able to build a diversified portfolio of REITS and not worry that any one REIT will turn into a dog.

Maybe they will want to buy a house one day and decide to pay me off.

And not have to go with one of the free firms, who invest your exchange proceeds in lieu of collecting exchange fees.

Also, why not utilize section 8 on this one?