Has anyone closed these new 40 year DSCR cash out loans I see advertised as fixed rate options? 

Without risk you will never achieve financial independence. 

Quote from @Jesse Turner: Feel free to DM me about the AirDNA questions :) I'm looking for a community bank or portfolio lender who can offer a vacation home loan with a 10% down payment.

I am 99% confident that the loan was not fully paid off. 

Here to network, get information and learn everything there is to know to obtain financial freedom through real estate. 

True financial freedom is no debt.

I understand the concept of hard money loans, but I'm currently navigating the process of applying for one myself.

You will need to refinance with a commercial loan, usually with higher points and more down if you don't have enough equity.The main reason to use a LLC is to protect the asset from lawsuits.

You are not taxed when you are taking out a loan. 

This is the reality more times than not and buying  in a market with a good thesis as to why it will appreciate is more likely to  lead to "financial freedom" as you put it.