You might find a HML hard money lender that may offer this but your going to pay a ridiculous rate and points/fee's.  

You could look at NLV or Henderson depending on where you’re going to school.

Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

Approached the seller asking they pay all closing costs, received enough credits to buy down the interest rate back into the 5-range (current rates were in the 7-range).

It's challenging especially locally these days with today's interest rates.

Not sure, from what you're writing, what the benefit to the borrower was in refinancing, but there had to be something; cash out and lower rate are two that come to mind. 

We also get to enjoy our place as often as we like (the slightly lower occupancy rate due to our use is also a factor in being cash flow negative) and the negative cash flow is offset easily by the equity we'd gain, even assuming only a 2% appreciation on the cabin. 

Aside from restrictions, the thing that is surprising me is the low cap rates. 

Although you plan on having your mother live in the home to start you'll want to assess the home using the current rental rates and values in the area.

But you can look up vacancy rates on websites like rentcafe or rentometer.