Quote from @Michael Smythe: @Sean Gallagher legally you are correct, but many tenants do NOT know this.We take over properties all the time and close 80% of existing tenants sign a lease with us.True! 

Now that you have the correct terminology, you can search for lots of potential solutions. 

But from your post it seems all that may not be correct.

Best to study these and do the correct due diligence beforehand so you are not disappointed in an investment.

It really depends on what you are looking and I think your thought process is correct.

If I do a cash-out refi, it will change my interest rate, correct?    

Start early, raise that equity well in advance, and make sure all those forms and verifications are filled out correctly.

You are correct; I made an assumption that we wouldn't be able to sell through a realtor based on the factors against us.

We had to make sure we sidestepped them and only added information to the correctly entered, active applications.

Thanks That's correct, you've got it.