@Huong LuuIn my opinion, presuming you need the money - it is better to cash-out refi the property.  

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

I lend Hard Money, Fix n Flip, DSCR, and Bridge mainly on the investor side.

He made a lot of money and the developer is the “hated” villain but my initial protege knew what the land was going to be used for.  

Sale Price$171,000 - $55,000 (Rehab) - $13,680 (8% fees) - $40,000 (profit) = $62,320 MAOFrom talking to other investors and doing research, typically a Novation allow more money to the seller, correct? 

Are they still collecting rent and taking money that way, or are they billing you? 

As a side note, FDIC insurance protects depositor money, not debt.

The owners who switch to a PM come to me for the same reasons Drew said above.It is not rocket science, most folks hit a point where they no longer want to trade their time for money. 

If you're looking to BRRRR/flip, I do recommend looking into hard money loans.

Hard money for acquisition and I financed the rehab myself.