I agree with the original poster. 

You sell when it fits with your original business plan (targeted NOI is reached, timeline is reached, etc.). 3.

My original plan was to buy 15-20 properties with REI if things went well. 

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

So you might as well be a head of the game do the cash out refinance buy the next 1-2 properties and simply refinance the original mortgage as a "rate and term" which carries a lower rate.

I suspect the person who originally turned it into a fiveplex only applied for permits to make a fourplex and then did the 5th unit fly by night (perhaps at a later date) in order so the property would still be considered residential and allow for better financing possibilities.

they make money servicing not originating new loans. 

If was originated as owner occupied in the past and no longer is owner, if you have change of name on deed or insurance, if impound had a dispute, claims - are a couple reasons why the servicing changes.

Originally posted by @Samuel Dunlap:Hello BP Community,Unless I am mistaken, Maricopa County (Phoenix, AZ) does not post their probate court records online, unless you can provide specific names or case numbers.

I've got a property under contractPurchase price $78K out the door (I have cash to close) Intent: build on the property which already has a functioning well, septic, and needs PGE installed Total buildout on the property utilities: $128K including the original land purchase price.