Then when rates drop, you can refinance and bring the payment down instead of competing with the masses as prices climb.

This could be a safer bet as we wouldn’t have to deal with cash flow concerns post-rehab.BRRRR: If we refinance at $256k (80% LTV of ARV), we could pull out most of the invested cash.

I'm wondering if there is any way that I can refinance to a lower monthly payment in a way that makes sense.

That would be a 12 to 18 month bridge loan that you could later refinance into a 30 year DSCR loan. 

Get a few quotes. and if you do not do it, when you go to refinance into a long term loan the appraiser will likely mark the report as "subject to" a structural engineer report of the foundation. and you will not be able to refi until you have done the  work that is required. 

You can refinance a new build into a DSCR loan as long as you have the certificate of occupancy and if there are comparable properties to support the ARV value. 

Sometimes you buy low, sometimes you buy high.But as long as you stay in the market, you benefit from the tendency of the market to go up over time.People think of buying a house as this one time thing, but it’s actually more likely that you will buy, sell, refinance a few times over the course of 30 to 60 years.

If we held on to the home, and are able to establish a decent rent rate/month through STR or potentially even LTR, my thought was to then move forward with a cash out refinance with a 30 year set rate mortgage and only take out enough equity to keep the monthly payments at a rate we know will cash flow with our established rent rate/month. 

Refinance activity is expected to pick up soon.

On the refinance (take-out loan) you would need to declare occupancy, and I'm guessing the plan is to fully rent the property at that time (e.g.