Sometimes mortgage fees, points, prepaid interest, tax prorations etc are incorrectly called closing costs - they are actually fees paid for a mortgage or prepaids.  

@Brent Coombs frankly that credit can be as big or small as your appetite allows (it does cap at a certain point, and the credit cannot exceed the actual costs and prepaids). 

Delayed financing will limit you to a maximum of the purchase price plus closing costs, and prepaids. 

A few thousand is taken out for closing costs (title, prepaids, origination fees, processing etc) and you walk with the remainder. 

Unknown if residential appraiser sees the comps the way you did when you purchased.Cost to refinance $3000 plus any points/ prepaid interest; does the loan you have when closed have a prepay penalty (many do).If you didn't qualify to buy how will you qualify to refi?

The 2nd account would be for escrows, prepaid rent and be your trust/escrow account.  

Another option can be prepaid rent.

Maybe count that as 20 years of prepaid rent?

I had a prepaid 5 year lease that was not breakable ..

Here's what Fannie's selling guide says:The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).I'm sure you're looking for the best rate, that's assumed.