Purchase price: $640,000 Cash invested: $220,000 Purchase price $640,000Got it at this price because there is a non-paying tenant in unit 2 (rent value $3,500), we're in court Rehab $60,000All in cash (rehab plus down payment) $217,500Rehab included ground level basement and 2 parking spot drivewayMonthly cash flow $1,500 ARV $950,000Equity $470,000Refi cash out (August 2024) $150,000 (used to buy new rental)New monthly cash flow breaking even (non-paying tenant still in unit 2)New equity about $200,000

Personally, I would not keep a rental that is not expected to cash flow. 

I don't know what state you live in, but if you live in CA and own rentals anywhere, you have to have a CA LLC.

Purchase price: $530,000 Cash invested: $100,000 My journey into short-term rentals began after years of investing in long-term properties, but it was a podcast that opened my eyes to the incredible potential returns of STRs.

Quote from @Sophanara Khoeun: As titled, I am new to the property rental scene.

I also own some long-term rentals and a short-term rental.

@Michael Baum how many Short-term rentals do you manage this way where you are on call all the time?

It is so much easier to get a HELOC or second mortgage on a primary residence, and much more difficult and expensive to get one on a rental house. 

My concern is doing the cash out refi on my other rental and causing a new and much higher payment on it that I can't just pay off like a loan.

@Joe S. selling a rental property is not easy.