Then, if you want to get into flips in the future, you'll be locked and loaded.I find wholesaling a rather dark practice and of questionable ethics, mainly because most wholesalers don't properly disclose what they are in fact, doing. 

Both properties are locked in at 3% so refinance would not work. 

This was my first deal and I suffered from analysis paralysis for two years before pulling the trigger on my first real estate investment.

Out of curiosity, depending how the credit is pulled into cash...could this trigger any red flags regarding money laundering?  

I was going to continue living with my parents until the renovations were completed.I hired contractor 4, put a lock box on the property and starting purchasing materials and placing them in the garage for the contractor to get started.

I started in the land business so I do have a lot of background knowledge at it.I have also been trying to buy a longer term cash flow asset and with rates were they are and cap rates out our way ( at least asking) at 4 to 5 to 6  they still dont make sense. but we are starting to see some 7s so if we can offer and get 8 on a nice project I hope to pull the trigger this year.

Have a locksmith with you to change the locks or do it yourself so the tenant can't reclaim possession.  

But even if they don't fall soon or enough, we'd be locked into our rate and can look to add value other ways until better refinancing scenarios present themselves.Investors, have you used this type of product?

We recently just put a dehumidifier down there and are looking to dry lock the basement 

The local HML can usually pull the trigger much faster than an outside person does because more research has to be completed to asses risk in lending for that area.This is why local HML lenders rates might be lower than a national HML lender that prices a few percentage point higher and one to two points more to price in the unknown factor of the area.