This eliminates the requirement for a new down payment since you are refinancing the existing debt.Lenders typically require:A copy of the owner-financing agreement.Proof of on-time payments (6–12 months).What to Do:Find lenders that offer rate-and-term refinancing for owner-financed properties (portfolio lenders and DSCR lenders often do this).Maintain a clean payment history.” 

The US government is also refinancing our debt every year, and we can't take a doubling or tripling of the interest rate.

I'd recommend finding a lender that can seamlessly do both the Hard Money lending and refinancing to make it easier for you. 

That being said when you BRRR, you are refinancing in the somewhat near future. 

Nonetheless, I agree... with your mortgage rate being so low, it seems like it makes sense to access the equity via other methods beyond refinancing. 

I was able to incorporate wholesaling, HML, flipping, acquisition fees, and refinancing to scale from the 25 unit to 92 unit mark.

(All from the DFW area)Attached is an expense chart for a house purchased at $250k with a $360k ARV, refinanced with a 6.65%, 20yr fixed rate.

I fell trap to this myself when I first started off and now I am refinancing properties out of LLC's, to obtain better terms. 

I am guessing they were able to buy multiple properties in a year after they started seeing some profit from selling or refinancing homes they already had.

My construction lender offered a portfolio loan option for me, but yes, refinancing it to conventional is definitely an option.