My understanding is that is a common form for mortgages for second homes.

I don't know much about HOAs as I don't invest in any properties with them but I believe your HOA covers insurance on the building structure and common areas. 

This scenario is common around the Disney area.

Is it very common to use LOCs, whether heloc, business or personal to buy real estate?

Hey Emanuel,I've originated a fair amount of FHA loans, and this is a common struggle.

ALL the note investors are in first position if it's a first position note it's like taking title as a tenant in common. 

(And keep in mind, it's 6 months from close to close, and the refi is likely to take 45-60 days, so you can really start the application closer to 4 months out even if seasoning is required).A conventional cash out refi is one of the most common and popular loan products out there and you can't turn on the radio without hearing an advertisement for a refi.

Meaning two bad in a row is not common. 

@Anthony ZottoDo you have ownership in these properties via an entity(LLC, LP, etc) or as Tenants in common(AKA TIC)?

Is it common practice to have a deal in the works when doing these?