Using your assumptions, you've correctly outlined the mechanics of a cash-out refinance. 

@Jacob Robles If you can, I would buy now. waiting until next year is costing you thousands.In this blog I outline the costs of waiting.

Transfer taxes are based on the sale price, so those would be the same either way.Lender fees on conventional loans (typically around $1000) can typically be priced in to the rate, so that wouldn't necessarily add additional fees out of pocket.I would recommend getting an outline of closing costs for the blanket loan to see what's involved - not just lender fees but all costs associated with the transaction. 

So there is still a possibility for you to acquire this property just not the way you outlined. 

using a percentage isn't a good way to compare as this will vary based on loan size /  purchase price and location ...its  best to outline the loan amount  and the  specific  costs so anyone on the board  familiar with Utah can  help

Ben does a good job of outlining a good way to get into vacation rentals without putting all your eggs into one basket. 

@Jeremy TaylorI’ve done a few BRRRRs and learned my lesson on the first one: always prepare an appraisal packet which outlines comps, why they are good/bad and what adjustments I would recommend, as well as all info regarding the subject property.

Your state codes outline your responsibilities.Dead tenants rarely complain.When a relative accepts the responsibility of taking the ex tenants property I have them sign for it and I photo copy their personal ID.

Hopefully the terms of the lease were outlined clearly, providing you protection.

@Courtney Johnson, if you're interested in Kinston, there's a larger park that I believe is still available (~$400,000) and would be a much better deal than what you've outlined.