For bigger transactional income we have our building projects which I have to PG however even though the risk is always there we have been blessed these last 4 years on these that equates to about 120 homes built and mostly all sold.. then the balance in Notes a few long term.. and JV partner on land deals and flip houses those have zero debt.

The property is in PG county, MD.

The main issue you will find is most DSCR loans are fully recourse and require a PG.

If there is a PG, then I recommend looking to start selling some off ASAP as the longer they are in default the accrued and default interest clock keeps ticking. 

Even if your refinance into a DSCR to pay off one of the existing loans, there's a 99.9% probability that you will have to PG the new loan.

The main point we were required to give up was the borrower’s personal guarantee (PG).

For docs, at a minimum, you'll want a promissory note, PG, loan agreement, and a security agreement to attach to whatever collateral you can reach.

My post speaks for itself.U left out the PG aspect .. 

But they still require a PG and are fully recourse. 

I have been digging through the guidance and am wondering if anyone has ever taken advantage of the following clause regarding 203k improvement types from the HUD SFH Handbook 4000.1, pg 374:- "reconstructing a Structure that has been or will be demolished, provided the complete existing foundation system is not affected and will still be used;"- "repairing, reconstructing or elevating an existing foundation where the Structure will not be demolished;"Guidance link: https://www.hud.gov/sites/dfiles/OCHCO/documents/4000.1hsgh.pdfHas anyone ever built a new home on top of an existing foundation using a 203k loan?