Remember you pay the HOA fees even when it is empty...so when market is slow and it takes 2-3 months to rent, not only are you paying your mortgage, but also 300-$1000/month HOA fees.   

It is handled more like a traditional mortgage at closing through title.

Quote from @Sonja Revells: @Chris Seveney primarily Padsplits  I would speak to a few lenders first before going through all these hoops, as I started to do this then when talking to banks they were basically telling me either get a secured mortgage as they will not lend to a real estate company on unsecured credit/debt.

I recommend having your deals secured by a mortgage and a promissory note for your investors.

Look for properties on main corridors or sites with existing structures (e.g., small houses or retail buildings) that can be torn down and redeveloped.Challenges in South Florida: Be mindful of market conditions and local regulations.

Nonetheless, I agree... with your mortgage rate being so low, it seems like it makes sense to access the equity via other methods beyond refinancing. 

Use a 1031 exchange to defer taxes and reinvest in more lucrative, cash flow-positive properties or diversify into passive investments like syndications.Pay Down Debt: With limited cash flow, focus on paying off the HELOC or smaller mortgages.

At various times during the past 25 years he “specialized” in oil and gas drilling, franchise sales, surgical center investments, office centers, start up incubators, vitamins, mobile washing equipment, cemetery syndications, residential mortgage brokerage, commercial mortgage brokerage, insurance as an investment, long term care insurance, and property development in Mexico.  

I was pre-approved for a conventional mortgage with a 3 % down payment 2.75 Interest Rate.

Sales prices and mortgage rates make it really hard to find good deals today.Wholesaling sounds good, but you could make better money working extra shifts as a nurse.You could look for run-down properties as buy-and-holds.