Cash out refinances are also an option but no DSCR or alt products for PR at the moment.The rates were actually very comparable to mainland. 

For example, I would need a new loan from a bank for the remaining $550,000 after the 4 years or would refinance the house for the $550,000, correct? 

Also I would run it by an attorney The big question is are you in a place to refinance the mortgage or pay the taxes if something goes wrong?

I was talking to an investor who told me if he bought my property, he would borrow money from a hard money lender for a few months and then refinance with a regular lender. 

If you're looking for appreciation you can buy properties one at a time in cash and then re-finance the cash out and buy another. 

If you bought a 2-family and started renting both sides, when one tenant leaves, you could choose to move in and then house hack and refinance at that time and get money out and buy a second property.

If i buy the place in Florida, I have a place to go in the winter and will hopefully be able to refinance and buy my place in Michigan within the next year.

You could do this if it debt covers, but it usually makes more sense to do a refinance as it will be more stable and provide better rates

A conventional route would be about $3800 a month vs a $2400 Month.Also would it be possible to do seller financing until the loan assumption happens, or if the assumption falls through, how could i refinance the home to be the conventional that I am already approved for at the number I bought it down. 560k off market when home is probably 580-600 Comps but seller owes 380k. so Thank you all for your time and help.

We're advising clients to consider selecting a lower prepayment penalty to refinance if rates decline in the next few years.