I also have a primary residence that I'm going to turn into a rental and buy a new primary residence.

I don't think I fully understand using HELOC to pay points and holding costs only.Taz, that was my initial thought as well - even though it would hurt to get rid of a 3.5% interest rate, I could get an equivalently priced home with today's conventional primary residence rates and have about the same monthly payments that I have today, simply because of the HOA fees. 

Is it possible for a non-resident citizen like me to get a 30-year fixed-rate loan?

Investment Info:Single-family residence fix & flip investment in Austin.

I have a rental property that used to be our primary residence.

I'm in a bit of a unique situation in that I'm a California resident and can only invest in properties all-cash for religious reasons.I'm not able to use leverage/loans, and I know and accept that investing all cash is not common, but thats the way I do it. 

I plan to cash out refinance my primary residence and use that money to invest in my first property.

Investment Info:Single-family residence buy & hold investment.

Also, the structure is with interest only payments for 10 years... is that by design or is that needed to pass the minimum ratio to qualify for the loan? 

It's a nice, clean, small town, and several residents work in St.