My options so far are:1- Buy the townhouse subject to existing mortgage, evict the current tenant and re-rent for $1850/mo, refinance in 12+ months to lower the PITI to around $1350/mo.2- Do a lease purchase option with the current owner and a prospective purchaser and keep the down payment as my fee3- Do nothing, move on to the next deal What would you guys do?

I am a licensed agent, have experience in 2-4 unit properties, a RE finance background, but want to learn more detail about how the process, analysis, and due diligence involved in acquiring larger properties.

I would like to refinance to have money for a second property but not sure if the amount is too low to do.

Has anyone found a bank that will allow a cash out refinance under 6 months?

Put your liquid funds to work, get stabilized, then refinance your equity out.

The cash flow is around 350 if you manage it yourself, 17% cash on cash return.If you refinance option B at 75% with a rate of 5%, your cash flow is around 107/mo.

Aaron Yates, if you're set on allowing it, by all means, it might work out, if it doesn't it will be a learning experience, in fact, I bet it will be a learning experience in any case.

In 2-3 years you won't miss the 5k check you never got, but I would venture to bet you'd be happy to sell that house.

I'll bet I have made a thousand posts on the subject.Use a loan servicer!

Very early, you probably need a small number of investors who are willing to make a very risky bet to bankroll the upfront work.