Terms can vary based on the lender and the strength of the borrower or deal. 

If you run the numbers properly, you’ll see that borrowing money, even hard money, is almost always cheaper than giving away half your profit.We use the calculation above for screening, but we always run the numbers in detail before agreeing to a loan.

To get to the sixes today you need perfect borrower, large down, perfect property, great location, and points upfront.

It is one active FHA loan per borrower so you would have to refi out. 

The first of course being ability to repay (which borrower should qualify for in this instance since their payment is going down), but more importantly is the loan to value. 

The property is still occupied, but the borrower is refusing to communicate. 

It was admittedly somewhat of a frustrating process and I got the impression that lenders purposefully make it challenging to remove and do the bare minimum to meet the federal guidelines for removal (very slow responses to PMI removal inquiries requiring multiple follow ups, incomplete or missing information on the process of removal or borrower rights, calculating LTV incorrectly, etc, etc).

if it is just the financial side holding you back - let your bank be your partner… or see if you can borrow the money from a family member who knows and trusts you -  without actually partnering with them on the control of the deal itself (pay them interest - or even bring in on the lien to secure their position the first time) - but let them be the finances and you control the project. 

I have this discussion frequently with my Corporate clients that always seem to borrow a little from the corp and never pay it back. 

if so, all you're doing if you refinance them is putting pressure on yourself to beat the interest rate you'd be borrowing at.