Then do the work and refinance later.Note that you are talking about a mixed us property or a very small commercial property.

What is the exact method that you have refined and turns out works the best?

There are lenders who are not concerned but those lenders will charge higher rates, have poor terms and pre-payment penalties in many cases. 6 or 12 months seasoning will open up all the normal lending options.As Scott mentioned you really need to understand the refinance assumptions before heading down this path.If you want to pay commercial rates and terms many commercial programs will let you use the appraised value.

It might blow out a buyer or mess up a refinance.

Rate is adjustable every three years, but we plan to refinance before it adjusts.

You can likely refinance or otherwise pull out some equity but as others have indicated the cash flow is not very strong.Paying off your primary home is more emotional than wise in terms of investing.

I'm trying to find out what they are planning to do with it.I'd bet they plan on selling it "for the highest possible price within the shortest possible time".

I would quitclaim it to you and you could make the payments and refinance in one year.

I bet young people flock to him.

Bet some sucker is paying 150 so I doubt it'll come back to me but now I'm in top dollar of what I was willing to pay. uuuggghhh!