Icing on the cake is that you'll probably get to ride the wave up while the market shifts. 

Ideally I would like to have my cake and eat it as well, by that I mean I want to have the best coverage at the lowest price.

Sorry to hear about your headaches....Borrowers have so many ways to work the system but the post sale redemption tactics take the cake.

I've looked into it and if I wanted to buy something and put enough money into it to qualify and keep it as a rental or business then yes it is icing on the cake, but not enough reason by itself to change my investment strategy.

That's just icing on the cake!

I've not included it in my IRR or CoC calculations because I consider a refinance to be an icing-on-the-cake situation.

If you had a choice between Chocolate Cake, or Chocolate ice cream, which would you choose? 

Same as a a baker who buys flour, sugar, frosting and then sells a cake You bought a busted down house, wood, drywall paint and sold a fixed up house To the IRS it's the same.  

They look at it the same as baker who buys flour, eggs, and sugar and sells a cake. 

Looks like Fidelity cash portion takes the cake, will have to move some cash from high interest savings into the Fidelity acct.