At 3.66 cap their valuation will still be almost $7M: $320,000x.8/cap rate of 3.66Brand new product is special, no question.

There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proI like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

Refinance when done.I'd recommend a 24 month product, because the renovation & sale or refinance can take so much more time than you think. 

Having removed them from my person name but still personally guaranteed by myself, could I buy 4 additional properties under FNMA investment property product?

David Greene discusses this concept in depth in his book, "Long-Distance Real Estate Investing."

Three is so much information about this product in this form. 

Worked with Liberty Bank (local bank) who had this loan product was key for this deal.

Life happens and the unexpected can happen.Watch out for salespeople that are looking to put you into a product that you may not need/want. 100%+ of first year premiums are paid out on commissions to agents.

Those products will most likely have higher interest rates. 

Plus in Cities like Louisville and Bowling Green, there is solid cash flow.