If you do check in with your LO and you aren't convinced they're out for your best interests, go ahead and get a second opinion.... this guy might not do "second homes" the way I don't really do reverse mortgages, if you call me with a question on that and I give you bad info, I'm not going to begrudge you for going to a reverse mortgage specialist (IRL I'd just tell you upfront that it's not my thing, but w/e), same thing here.Those factors above - high income, didn't max out DTI already, etc, are why you don't see a lot of "second home" mortgages.

Try to meet LO and see if this right eligibility  for you. 

I have no opinion on the website mentioned by @Jeff Helm, but I voted for his post because a proper LO is not impacted by DF.Don't use 'rent to own' or 'rent credits / purchase credits' anywhere.Mine are a lease with separate 'exclusive option to buy' and any consideration reduces closing costs at exercise.  

Make sure your LO knows why you are preparing cash out application but not ready to cash out. 

Beware of the LO's that want to quote you a rate without anything else (it's illegal by the way, but very common practice). 

There is a million ways to find LO deals.

Jack and Jill homeowner never carry or take a LO, but it anchors my cash/financed price.The other one I like is 'what if'.  

They have a large option deposit (skin in the game) which makes them very motivated to pay rent on time and maintain the property because as you said neglecting either of those components of the LO agreement would jeopardize their tenancy and their non-refundable option deposit or consideration (NROD or NROC).

The company is headquartered in Tustin in Orange County CA.Your experience will depend on your loan officer as each LO operates independently almost like their own business.

So you will have around $40K that you can get as cash out (more or less depending on how you structure it, high or low closing costs, etc) for down payment on the new property.  15yr vs 30yr term just depends on your preference and cash flow.Just make sure you are working with a rockstar lender/LO that understands investors, won't screw up a simultaneous transaction, and is looking out for your best interests and helping you see a few moves ahead so you don't make a misstep or get stuck.Hope that helps!