Lastly, the button to sign the docs and the money should be deposited a few days later.

I assumed from your post that you were looking at single family and the multiple fee, multiple applications, rejection process puts a mental and financial stress in play. 

I’m glad too because it likely would not have been a lucrative money making opportunity considering the stress it would have put my folks through to co-sign.Considering buying a rental property locally in cash, have 20k?

@Wade MeganI cannot stress enough......do NOT do this. 

It will be more stressful and you must make sure you follow all the rules obviously but no sense in paying taxes when you were going to buy more property regardless.

@Dwight Simpson Wow 6 months, that's got to be stressful. 

Next thing you know, you've lost $20,000 and are so tired and stressed that you sell everything off and run back to the stock market.It's better to get a fitness coach when you are 20 pounds overweight than when you are 120 pounds overweight.

@Jeremiah Foley what is the existing loan balance and what is the max loan you can get under the refi without putting too much debt stress on the property?

I've been burned too many times getting emotionally involved post rehab, which has cost me time on market, holding costs, and the stress of uncertainty.

I have been stressing over the fact that it could put me in an uncomfortable position financially.