However, I am considering doing a cash out refinance on this property which will require that the title be transferred to my personal name. 

I am trying to do a cash out refinance on the property.

I think the best option (based on what you have presented here) is that you should try to refinance this asset and use that money to invest elsewhere. 

I tried to refinance the property to a conventional mortgage, but because I carry some debt and because I am earning about 1/3 of what I was making before I relocated (which was expected), financial institutions won’t refinance the property in only my name.Side note, my credit isn’t the issue.

This would apply to a refinance also, since the original mtg would be eliminated, and replace.As @Tom Gimer mentioned, Ocwen usually services loans in default. 

Not sure how he finds his lists, but I think your best bet is to find owners with equity.

Originally posted by @Jay Hinrichs:now i was over in Hawaii last week and my host has been buying   tax free state of Hawaii bonds which according to him have been yielding 4 to 5%I'm betting that every place you go, real estate and finance pops up in the conversation somehow...

If I refinance, I am assuming the rate will jump up a lot higher than my current FHA rate.

Keep as rental once you foreclose and hopefully its a good asset.6. once you own it you can refinance it to pull your cash out if you did foreclose and stabilized it.. 7. take it back and owner finance it to  someone else.. be cognizant of DFrankenstien if you do it to an owner.8.

Im looking to get into a house closer to work, do an FHA deal, then after a year or so move out and refinance.