This could be a great option for your property as well.I recently met an investor at a networking event who specializes exclusively in pad splits.

You're so excited you won and you go drive the property. 

She brings a ton of value and gets paid when the property sells.

We toured the property and went under contract the next day.

If I remember correctly, there is a provision for properties with Fannie and Freddie loans to be moved to single-member LLCs after 12 months of seasoning if the only member of the LLC is the owner/borrower on the loan. 

They did have an extra step to make sure that you were the owner of the property, but otherwise it was not bad at all. 

However, I'm in the middle of a cash-out refinance of an investment property I already own.

I feel like a lot of developers lately haev been focusing on townhomes..They just tend to be pricey and hard for the first time home owner to buy. 

Real estate loans to owner occupied properties where the business of the owner is closed down - or SHOULD be, and the owner needs some time to sell the property.  

Also, if you haven't lived there but are a co-owner, you or your friend may not be able to avoid capital gains tax.