If you have significant capital to invest (I don't know your situation) a safe bet is partnering up with a hard money firm and becoming a transactional funder - kind of the same concept except you don't end up being a slumlord...

If you're looking at MFR's or properties much more than $50K, you're $12K is not going to go very far.Another thing to be cognizant about is most lenders will require 12 months of seasoning before they will use the appraised value for a refinance.

The contract was made official and filed with the county in February 2013.Now I would like to refinance, pay of the rest of the taxes, and get some cash out for some more remodeling.

A local bank might do a portfolio loan for you, and after a seasoning period you could do a conventional limited cash-out refinance (maybe 6 mths seasoning) to lock in the 30-year rates.

As I move up into larger properties you can bet that the amount of umbrella coverage is going to go up significantly.

You may want to be prepared with evidence of the refinance which can be substantiated if the Seller/Borrower has a copy of their HUD 1 from the refinance.

As the property is $70k underwater, if the bank did elect to call the loan due, there is no way you could refinance it.

You can bet that she keeps me informed when I get off on a tangent.

I would bet anything you can't come close to 2% in california on anything.

You could put in a 5 year balloon, giving the buyers plenty of time to refinance you out.