I won’t be looking to re fi those anytime soon because my interest rates are so low with them but when I do my current lender has said they will be limiting how much they will lend based on the properties tax returns. 

Won't derail the topic any longer but for any interested readers here are a couple of the legal challenges:https://statutes.capitol.texas.gov/Docs/PR/htm/PR.41.htm See 41.006https://statutes.capitol.texas.gov/Docs/FI/htm/FI.342.htm See 342.009

@Eric Samuels as @Nathan M kiefer mentioned, there are ways to do this.Some points though:1) You'll have to keep wi-fi active even when property vacant2) How often do you want your PMC to check this?

Sales price: $900,000Seller finance: $400,000 / 2 year ballon / 7% interest rate / interest only monthly payment: $2,333 / no pre-payment feeEstimated monthly income: $9,300 / Annual: $111,600Electric separated - water $450 per monthProperty taxes: $16,700 (with property value assessed)Property Insurance: $6,300Renovation Repairs $150,000I anticipate the Re-fi appraisal to come in at a conservative $1,150,000. 

I use that number because that would seem to be the bench mark for FI from W2 for many people, with basic life styles.

Whether or not its worth doing a re-fi to pay off other units and then refi those to purchase new units, etc.

Even after a $40/50K (generous estimate) rehab you can cash out re-fi, pay yourself back and your investors back and still hit the 1% rule.

Im actually personally considering a purchase in either N GA, E TN, or W NC/SCI also have a Lake house in SC.We see growth year over year.

But you are correct, often seller fi is a component of the financing.  

I (We) my wife are also looking into possibly retiring in SC. I