Then there are other things in the condo's finances that could change which could make it impossible to refi altogether.

Or you do it yourself (it takes some time to get the hang of it, but it is not impossible) or you use a real estate agent.

I'm not saying it's impossible but just harder.

@Tierra PetersenI know here in east Tennessee it is all most impossible to build one from scratch without a very high return.

As you know getting loan to a new LLC is next to impossible.

I am not saying it's impossible but would be hard.Another way would be find private money from friends and family for down payment.

Without a stable income, finding financing will be impossible and you'll never get started. 

As seen in the comments above, the confrontation on this issue isn't always pleasant, but it is not impossible to have a successful transition. 

Not only it is mortgage fraud, it is impossible to pull off because these days lenders compare your application with the IRS transcripts.I also urge you to pay attention to a crucial point made by @Linda Weygant: you cannot just forego available deductions to create higher income.

None of that will eliminate risk, that would be impossible, but it goes a long way toward making an informed decision.