I have the option to refinance the loan into a 15 year with 4% interest.   

Once we have a tenant she plans to refinance, use the lease(75%ish) as another source of income and co-sign on my first property!

I think a lot of videos stress buying rehabbing refinancing and renting- but how do you actually refinance??

Have performed a cash out refinance and have downpayment for next purchase with plan to purchase in August 2021.

So if you could refinance your mom’s mortgage for around 3% the payment would be only a little over $800.

I’ve been looking to buy a SFH or Townhouse but I have yet to find a piece of property that will yield me the ROI I’m looking for.After I do my cash-out refinance, I’ll have a decent portion in the bank but I don’t think I’ll find a rental property this year that meets my criteria.  

I am trying to better understand the loan process and specifically want to know what sort of due diligence is done on the current lien holder on a property during a refinance, if any. 

Cash out from a refinance is not income to your parents.

I highly recommend @Tim Swierczek - he recently helped a couple of my clients with cash out refinances on their Rochester portfolio.

It was a refinance after the borrower had bought the property with cash and renovated it.