Initial owner was on a contract for deed where, unfortunately, they were unable to meet their payment obligations. 3 investors involved in this deal. 1/3 split up front cost. 30 year conventional financing with one investor assuming loan while all parties had a legally binding MOU.

HelloYou would be able to purchase as a second home with 10% down or as an investment with 15% down if you can qualify with a conventional loan.

We financed this loan through a conventional loan.

With a 80% cash out refinance your loan amount is 160kAre you only writing a loan for the money you owe the lender ?

You should also ask the lender if they will permit you to owner occupy the property, since many commercial loans are not designed to be "consumer loans."

What's the cost and paperwork associated with the subject to loan besides the usual closing cost? 

I am debt free so I figured that I would continue to live on the rentals and the loan payments.

Single family homes are beholden to higher cost per unit in aquisition and loan payments. 

I'd like to purchase another property or two before the end of 2024.I would like to pay the HELOC down if I can refi in a couple of months (the conventional loan is about 108,000.

I am getting an FHA Loan with 3.5% down.