We really do not want to have to live in the residence for a set period of time before we can flip. 

While principal paydown isn't usually going to come in to play in a 5 year period, you will also have more equity from the very beginning due to the value add.

So good to know the year waiting period no longer gets you clear title.  

I think the other fee is good as long as you pass within a one year period (might be two years).

Hey John, I live in Saxonburg and will be closing on a 4 plex next week, bring my total units to 11 in about a 2 and a half year period.  

b) Buy/rehab the property5 - After the "seasoning period" required by your lender, get the property refinanced.6 - Take the cash from the refinance (this is why you use cash to start with...and not a loan) and repeat Steps #4 - 6...as many times as you want/can.Note: After a certain point, or even in the beginning, you may need to involve cash partners to get the needed cash together, or a credit partner if you can't get approval for the refi's.For me I didn't have the cash to put down, so I used a hard money lender.

Get ready for a 60-90 day closing period.

If you are buying a property as a long term investment there is nothing better than locking in that low rate for an extended period of time.

@Kate Stoltzfus I suggest that you offer to let them out of the lease, as long as they cover the entire period it takes to find another tenant.  

I don't know if/how doing multiple refinances in a short period of time will impact your loan eligibility.