The condo deal was a right place, right time kind of scenario.

The listing agent has been stonewalling us, not giving any info.From what I've read on this forum, it seems quite common for Fannie Mae to only discover legal issues with a property after an offer has been accepted. 

I find its kind of a progression.. you need a lot of capital for the note business the benefits of rentals is leverage of course.what i found was many did well as landlords then tired and just started to sell them off as they were retiring and note income worked for them.. and or they blended they had some rentals and had some notes. does not take a landlord that is suffering burnt out landlord syndrome but wants cash flow to understand how notes work.. but of course you have to choose wisely on the notes  for sure.. as it relates to BP  overwhelmingly the guys and gals on this site are going for bigger yields that they hope to make with NPN so they work for those.. and its not just passive income by any means its a business.. 

Take the time to find one in your area that has closed multiple deals on the kind of property you are targeting.

Refinancing and paying off that FHA loan as well as pulling all my cash back out from the rehab and hopefully more, does this work this way or is there some rules or regulations on this specific kind of thing that would prevent me from doing this?

I guess I’m kind of a smoldering dumpster fire of a real estate investor right now lol.

Common here in Santa Cruz County CA.One is for sale by owner $550,00, officially a 1 bed home but actually has a 2 bed apartment upstairs currently renting at $2300/mth and downstairs a1 bed apartment that could rent for about $1600 (currently empty).

Cash-flow present day surpasses the coasts (dollar for dollar) with a bit of common sense. 

Now, ownership and lending is kind of a separate thing. 

I'm not an expert here but I think it's common sense to make sure that you're both on the same page.