Which means after month 3 there is no penalty.

That allows you to speed up the ARV and use the equity to pull your initial capital back out in as little as 6 months.

So to complete a cashout refinance would be 6 months with some non-qm banks if you can find it or a year with conventional.

This is extremely complex work if you don't know what you're doing, can also delay your project by 6-9 months if you don't plan accordingly.

Total costs for the new owner is $4,800/month but I was renting it for $2,400 before the sale.

Usually for these kind of deals your cash reserves will be looked at as well as proof of income enough to make monthly interest only payments.

Prior to jumping ship you should look into what you paid for your California properties, what they are worth today and calculate your monthly income from appreciation.

They currently have a conventional mortgage at about $800 a month (3.25%).

I personally invest as a member in a passive real estate investing club, where we all go in on these together to invest small amounts, and vet new deals together every month.

She wants options, and is very open to creative, which is helpful.Once we present these basic ideas, we will want to know 1) what does she need right now, monthly, to let us take the property over (and all headaches) and 2) how soon and how much will you need when you make you Tampa purchase.