If you are looking to get cash now I would move forward with a delayed finance.If you are looking to pull out the most amount of money possible, I'd look at a cash out refinance.Another option would be to do a bridge delayed finance, pull out some cash now, then refinance again 6 months down the line when the seasoning period is up.I would love to connect and share some ideas as I am working a couple similar loans as is right now.

I was told that I need to not report loss on my 2019 taxes so that would fix my DTI (from 2018 rental loss)Is this my only option, do I have to wait until January 2020 to get another mortgage?

Dan - I'm not buying in DFW, but I am underwriting with 0% rent growth the next two years and then growing out my rents and expenses at the same rate in outward years - typically at 2% each.

We have fixed mortgages that can be amortized for 30 years, but typically can only lock them in for 5 years maximum.

You can't count on believing that the family member will not produce a handwritten lease (real or not), or other paperwork & tactics, to throw a big old wrench in your initial/expected timeline.You CAN expect that if they see you as the big old rich/developer/bad guy enemy, they will do as much damage as they can, and drag their feet as long as possible.See if you can feel out what the relative actually wants/ needs, connect/come prepared with info on resources for local "housing help" options, etc (perhaps), and figure out what you can do to solve the problem (cash for keys with an incentive for quicker move out timeframe?

The guest typically goes to the curb ("public area") during the day to smoke, but I do now have photos/videos of them smoking definitively on the property (on the premises near the front door - not the "public" area near the street). 

If this is a true investment property, you would typically need a 15% down payment minimum anyway. 

These designations are typically used to get a leg up in the employment world but also serve as an excellent source of education. 

If not, offering seller financing isn't an option. 

I'm exploring options within the financial contingency outlined in my contract.