They also have professional property managers who have tried to find renters with no luck.Apparently the local university changed it's policy with allowing certain years to live off campus.  

If you would like to pay it off by refinancing with another bank in two years, make sure they will allow that.

I reckon if you plug in some more conservative figures, you may end up being pleasantly surprised if the expenses end up being less, and less likely to have a poorer result than allowed for!

Does anyone have a reference to hard money lenders they have used and any other lenders that have allowed a refi from a hard money loan?

My father has been in the buying and selling (mostly commercial) in real estate for about 45 years and he has taught me a little bit.Always do a math analysis and look at your prospective properties before you make an offer or at least have a clause in the sales contract that allows you the time (about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  

I'm looking to invest in solid countries (politically wise) that allow foreign investments, which makes me think I should look at the different markets in the USA.

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It might preclude your future personal involvement.There is an alternate structure known as a Rollover as Business Startup that allows you to capitalize a new or existing business with retirement funds, and be directly involved in the business.  

My one question is, in your experience, if you have had to change your financing from conventional to cash, does HUD still allow you to close w/in 45 days?  

Few, if any, conventional lenders will allow you to finance the down payment with another loan.