I believe there are new seasoning requirements for Freddie may and Fannie Mac before you can do a cash out refi if you use a loan to initially fund a property. 1 year according to my quick research. 

This device is in place for the safety of our guests and as a courtesy to our neighbors.

But then I just came across rentredi and I really like the app aspect of it and being able to access my properties on any device. 

My guess is the loan is conforming to Fannie Mae and Freddie Mac underwriting standards.

Any restrictions with fannie mae and freddie mac reos when doing double closings

@Scott Mac  I am still figuring things out, but the wife and I are thinking of maybe some flips and eventually rentals.

Fannie Mae and Freddie Mac introduced this flipping rule so if your going to try and cash out into a 30yr traditional with them, your gonna have a helluva time before 12 months.Now....

@Sky linSince you have had these homes for many years Freddie Mac and Fannie consider you a landlord.  

Fannie Mae or Freddie Mac requires 15% down on an owner occupied 2 unit, so FHA is the best way to go for the least amount down.

@Travis Reed - Fannie Mae and Freddie Mac (they purchase and securitize the bulk of conventional loans and dictate lending guidelines) implement loan level price adjustments, where different types of loans carry different pricing.