Purchasing subject to existing financing and debt are not exotic RE transactions.  

The transaction is exactly like buying a rental property with a tenant and not like a mortgage or deed of trust transaction which are sold as standalong instruments with their secured notes.

This is the ideal, safe place to make some calculation errors.

Does anyone have any experience working with BCC Holdings, LLC for a contract for deed transaction?

Florida FAR/BAR, "As-Is" contract...It's on MLS at Transaction Desk.

I'll stick with our attorney who understands how the custodians work and are educated and experienced with Power of Sale (NCGS 45), private lending, NC SAFE Act, etc.

Travel safe and the weather is suppose to change this weekend. 

Are you counting the closing costs on both sides of the transaction?

I hear 5%, is that a safe figure to use as general guideline ?

I have struggled with the sell vs refi question myself ... while I don't have a specific answer to your specific question, here is how I decided: 1)after the refi, will it cashflow with ALL expenses inluded ... if no, sell; 2)If yes to #1, take the sales price you'd get and subtract out the transaction fees to sell (capital gains taxes, RE commissions, etc) ... now, with that adjusted number in hand, ask yourself and answer honestly: If a similar house came on the market tomorrow at that price in that neighborhood would I buy it?