@Nick Moore, most lenders require a 6-month seasoning period before they'll issue a refi based on new appraisal.

The attorney review period was entirely foreign. 

If you need rehab and a stabilization period, you may see rates creep up into the mid 5% range. 

A lot of owners will only provide a short balloon period, which makes the ability to refinance paramount.

The down side is there is usually little to no wiggle room, and you often don't have any real due diligence period.

After owning a primary house for a long period of time I have come to the conclusion that home ownership is the biggest liability for the average american they will encounter in their lifetime.

What also factors into the equation is if you have a prepayment penalty on your HML - that could throw the math off making it more worth while to hold onto the HML for a certain period of time.

To provide for some flexibility with your client/tenants, one can add a clause in the lease whereby "visitors" may spend no more than "x" nights within a specified period of time ... eg "Visitor may spend no more than two evenings within any one six month period".

If yes to the latter, does that imply that a lien holder can foreclose early on the home if the deed is purchased (before the usual 2 year period)?

Just "DON'T" sign a exclusive purchase agreement where you have to buy from them for a certain period of time.