It's not that it can't be done --- just more paperwork.  

Once you use that cash out refi you are essentially taking a loan out on the house and now your monthly rental income will take a hit.

If so, the current lease expiration date is irrelevant, because SEC 8 will require a new owner to create a new 12 month lease and recreate the paperwork to enter a new contract with HUD.  

What paperwork is involved in changing things over?  

But PPR helped with all the paperwork, and worked with the servicer to get the note transferred over.

Fortunately I dont have any issues for now, but I want to establish a relationship with one, and have him review my paperwork.

The construction is essentially the same, with the only difference in finishing textures and amenities.So - why would you want to spend $120,000/door to bring in $750 if you could spend $140,000/door and bring in $1,500...

In doing this, you are essentially determining that any investment that makes 10% is breaking even, when it isn't - its earning 10%.

So I'll essentially have it rentable for 20-25 days a month depending on my schedule.

One option most ponder over is becoming a Real Estate Agent in the desired market area and is even advocated for in the BP Podcast.The main reason a License is beneficial seems to be due to the ability to be your own buyers agent and save on some closing costs as well as a foundation on which to understand the paperwork and processes of a standard transaction.