Harder to cash flow due to 25yr am vs 30yr standard.

Or any amount of cash you take out from the exchange are considered to be profit. 

Ditto, I use PriceLabs for my STRs - here is a nice writeup ...Airbnb Smart Pricing Vs PriceLabs: An In-Depth Comparison For Hosts | Boost Your Short-Term Rentals

Cash for keys will be my first option.

The particulars of a project, whether fix & flip (cash now), fix & hold (cash flow), rehab & reboot (cash out), is only one of many ways lenders decide whether to invest or not.

My first deal was 5% down house hack on a 4 unit and then I used equity from that first deal to do 2 more deals once with a cash out refi and once with heloc.

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

I purchased three out of state "cash flow" rentals with Evernest.