If you're doing a rate and term refinance, there's typically not a seasoning period but again it's common for lenders to require it be rented first.If you're doing a DSCR cash out refi, it may not need to be rented first but you're probably paying a higher rate.Your best option is to call a loan broker you trust and go through the options based on your current situation.

Vetting tenants on my own to avoid paying broker fees is the way to go

So they are good paying retail.. we had 5 to 7 offers on each project .

That's less than anyone's paying in rent. 

This past year they have started paying rent late to the point where the total accumulated time is about 3 months of back rent due.

If you do find a PMC willing to do this, expect to pay quite a bit more for all the extra hassles!

I would stay away from section 8, pull credit and background, and call referrals, and look at pay stubs for everyone who applies.

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

Some PMC's will charge a lower percentage fee, but will charge it whether tenant paying or not.

The guests refused to pay.