What I was referring to was that I know two private lenders who have the borrower complete the Deed in Lieu documents at the Closing of the initial loan and then hold them in escrow during the life of the loan.

2) If you do owner-occupied cashout refi for best rate, you technically have to live in the home for 12 months before renting it out. * Some responders here may suggest not worrying about that and renting it out anyways.

I live in Charlotte and would prefer a multi-family investment property that is within a 3-4 hour drive so I'm considering areas that include: Charlotte, Raleigh / Research Triangle, Charleston, and Atlanta.

It has ample basement living space, that the tenant uses as a third bedroom.

Quote from @Jimmy Rojas: I live in Arizona and homes here are sky high, youd be lucky to get %6 interest rate, I would be a 1st time home buyer, apart from being 1099 employed would Trumps real estate plans benefit the little guys like me? 

Quote from @Dereck Olson: Hi Nicholas,  Just a thought from the possible tenant's perspective, but filling out a prequalification form and/or providing personal information before they have even seen a place and know if they will be interested in living in the property might be a bit too much to ask. 

A couple of years ago, I worked with an investor who never updated the contact information for the loan and the Bank call the seller (ex-wife), that day she was mad at her ex-husband and told the bank her ex allowed someone to steal their property from them and they got no money, she was kicked out of her house and there were strange people living there.This could all have been avoided if the investor did this process correct.Get educated, also I do not know your attorney but not many attorneys have the knowledge to do this process correctly. 

I'll include a BP article below that highlihgts the gist of them in alignment with BRRRRs.Also, I lived in NC for a bit, so happy to connect and introduce you to some folks in the area. https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...

Quote from @Kyle Barnhart: I live near Phoenix and looking to invest locally.

If you use the extra $100k of cash you receive to just...live on, buy a jetski, take a trip to Disney, (any personal use) the interest for that portion of the loan will not be deductible.