Account ClosedA cash-out refinance within 6 months of a purchase transaction when no financing was obtained for the purchase transaction are allowed under the following parameter;  The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV).After the 6 month mark there is no restriction to purchase price and closing costs. 

The initial paperwork aspect of getting your rental approved by them can be a pain in the ***, but after that a check being directly deposited in my bank account is as sweet as can be.

What the Investor does not realize is he or she risks having the lender discover a Title Transfer occurred and initiating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within x number of days.

Initially, I will be operating in the Augusta, GA metro area (2nd Largest City in Georgia).  

I am still in the initial phases of research on areas etc.. but would like some opinions.

My "deal" is an acquisition of a Class C- multifamily property in Tempe that I would purchase with short term construction financing, renovate and refinance into perm debt and try to recapture all or part of the initial equity. 

Way to take initiative and launch out.  

If it's like, 100+ units, then 8 units doesn't make too much of a difference unless the numbers are there.Also, 2ba vs. 1.5ba, you're looking at increased initial buy price, PLUS likely higher maintenance costs going forward.

Initially our goal this year was to eliminate the last of our liability debts, establish an income (to count towards our bank credit) and save up for another down.

Hi Scott,There isn't a whole lot of information to work with in your post without knowing where the home is located (to see if your rent estimate is good), whether the maintenance cost is reasonable given the age/condition of house, etc.The two main questions I'd have on the info you did provide are whether you're accounting for vacancy, utilities, and property management costs, even if you're initially expecting to self-manage.Regards,Mike