Would finding a hard-money lender to get into the deal and then refinancing out to a DSCR product (maybe some type of portfolio loan) be a viable solution?

I think this is a great product.

Now there are some logistical items to consider as mentioned above but this is the entire purpose of the 203K loan product.  

Generally, if you're buying another home, it would have to be with a loan product other than FHA and make sure that you're not breaking any owner-occupancy requirements of your current loan.

What product are you looking for?

One of the main reasons I am saying this is many of them have significant title defects that can be remedied but will also take significant time, effort and cost.For example I was reviewing a performing 2nd mortgage recently but the mortgage did not include the legal description and metes and bounds as required by the county.

Hey Travis, you could go with a Non Qm product such as DSCR loans.

do they handle restocking of products? 

do they handle restocking of products?

Proc. 2008-16 provides a safe harbor for when a second home will qualify as held either for productive use in a trade or business or for investment purposes.