However, you can secure an insurance policy during the process of refinancing if there is not currently a policy.

Only way to make refinancing work. 

After my 1 year, I plan on refinancing with a DSCR loan to remove my personal guarantee from the property.

Unless you are coming out of Hard Money, I would not recommend refinancing right now. 

Now you get better cash flow, probably got a tax deduction due to the points (check with your CPA), and you don't need to worry about refinancing later.

@Kitty Walker- As an investor, I've refinanced multiple Padsplits and co-living properties (where we go direct to tenant without Padsplit), and I generally agree with your last statement, with some caveats:- if the renovation is done well, the appraiser may not even say anything that would indicate it is an "abnormal" SFR (has happened multiple times with me)-the investor may be wise not to make the house crazy- just leave a nice open living room, put double doors on the dining room so it can function as a bedroom now but be easy to convert later, etc.  

So unless you plan on refinancing within the first year, the refi money doesn't count towards it.OK. 

This leads to issues with refinancing and could leave you with less equity or higher debt than anticipated.

Hello, I have a house that I am looking to get a refinanced DCSR loan on at 85 to 80%.

I have a property that I need to refinance into a 30 Year Term. However, I do have a low credit score. Any Options please Advise.