@Lynn M. don't speed if you cant afford the ticket....nice advice:-) My loan will almost surely be sold to Fannie/Freddie because it is a small value conforming loan...maybe the play is to transfer to an LLC after its in Fannie/Freddie hands...

Facsimile copies, as well as conformed and counterpart signature pages, are accepted, and certified copies of certificates of trust and good standing certificates can be obtained on an expedited basis - in as quickly as an hour.

If you find the same property with 4 units you can get conforming 30 year fixed financing which will make it cashflow much better.Also, if you would consider moving into one of the units for a year or you are a vet you can get it for a very low downpayment using a FHA or VA loan.

Plus, the problem with the $500-550k price range is that you're stepping outside of the FHA conforming loan limits, which in Sacramento County is $474,950 for SFR and $608k for 2 units. 

Conforming guidelines do not allow a cash out refi on a property you do not occupy once you have 5 loans (4 and under is ok) and the max number of loans you can do is 10

@Andrew PostellIt's a non-conforming loan that allows 10% down on a Jumbo loan.I am using the loan to put a minimal amount of money down as possible.  

Making sure what is there now is conforming, that you will still be able to use it as it was, is important.  

Apparently they're conforming loans which means they can be bundled up and securitized which smells a lot like what got the housing market into trouble last time around.  

Sometimes it's non-conforming, so you have to double check with the county.#2 CODES: Make sure you know if anything needs to be brought up to code. water meters, electrical, safety, egress, sprinkler systems. ex.

@Joshua Morgan I'm not sure why those properties would need to be non-conforming loans, but there are lenders that can provide those products.