You should wait a little longer and give yourself some breathing room.

Personally, I'm waiting for the lawsuit by a seller against his own broker for refusing to vet a potential buyer and then show to a qualified buyer.

Part of the allure was the holding fees (insurance / property were several thousand less then up north) After one year, my Huntsville tenant had to move out early for a job relocation.

If not, sticking with your original plan, staying in the condo, and waiting for a better refinance window could be the way to go.

Even if I were found guilty, the cost would be in the thousands, not in the millions.

Could these waits be mitigated by going the hard/private money route?

I tried to create rapport with the owner over the phone but waited to present my real agenda only in person.   

So - somewhere 2 hours away, or somewhere you like to vacation in, or where all your family lives, or where you plan to move someday.Too many people are trying to do exactly what you're doing - pick a market based on a formula - and they end up buying a random 'cheap' property thousands of miles away, turn it over to people they've never met or even spoken to, and then... lose money.  

I see a lot of investors buy good investments, but then they lose tens of thousands because they have no idea how to manage.

So, wait a little bit I shall.