And to have it cover 65% of your mortgage.

Interest Rates and Terms: If you’re refinancing to pull cash out, it’s important to see if interest rates have shifted since you took on the initial loan.

I'll look into qualifying for mortgages and how that whole process works.

When you sign almost all mortgage closing packages, you are signing an Occupancy Clause that states you are intending to live in the home for 12 months.  

Here's a short treatise by a title insurer:A deed in lieu of foreclosure is a deed given by the owner of mortgaged property to the holder of the mortgage or its designee where the mortgage is in default and foreclosure is a possibility.

I have access to see properties on market with assumable mortgages for FHA. 

One has a 162k mortgage, $1250 tax,Insurance,%3.5 30 yr, worth at least 750,000 LTR rent $3200, #2- Los Angeles worth   $750k as well just did a remodel of 150 K, mortgage is 75,000 payment $700.tax,Ins, Mtr/str hybrid.

@ Rich NgHave you had much trouble with section 8 over the years vs. your market rate tenants ?

The resident is great and the rent rate reflects that. 

I was considering the hard money lender route but got slightly overwhelmed because of the different options, rates and not knowing how to properly vet them.