I agree with Jeff, except it seems, according to your example, that your outstanding mortgage would only be $80,000 (since you put $20k down.).

Ineligible Transactions The following transaction types are not eligible as cash-out refinances: The subject property was purchased by the borrower within the six months preceding the application for new financing except if delayed financing guidelines are met.

Are they any ways to get exceptions to this rule?  

I don't have much to bring to the table except for a willingness to learn. 

., except for those in Buffalo, NY. 

Like my company commander said when I was in boot camp about the carpet, "Not only no, but hell no" , except he didn't say hell :D  .

Price 183k Each side will rent between $1,000-1,100 Plenty of room to add value and possibly raise rents, not to mention I will be living there paying nothing except maintenance and utilities! 

Are there any carve outs or exceptions where I can avoid paying taxes in those states? 

I have had nothing but problems for just about everything related to them (except basic registrar features).If you want the El Cheapo option, I would actually recommend Dreamhost.  

As for the liens - when you receive your Foreclosure Deed and file it at the courthouse ( do not mail it - trust me) - it wipes out all junior liens except: IRS, State of Georgia taxes and F.I.F.A liens.