Does anyone know of a group or angel investors who would invest up to 5M to fund a luxury 6 room micro resort in central coast wine country in California? 

Somewhere in the middle is likely your best bet for a 20 year timeline.I have almost 50 units here myself and that's about what my portfolio is cash flowing at this point combined LTV is around 65% as loans have gotten paid down and values have went up.

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

Weirdly, you may actually be able to get better terms and/or more LTV on the refinance if there is debt on the property as lenders have rules for max cash in hand (max proceeds you get at closing) for cash-out refinances.  

I ran the numbers two ways: selling vs cash out refi back up to a 75% LTV.

I think I know enough people with funds to jump in if the first deals get bigger than my pockets. 

If you do sell, think about where you’d put the money, whether into more passive investments like index funds or REITs, or possibly diversifying into a different market with better opportunities.If you decide to keep renting, you’re in a pretty solid spot right now.

Those funds are not mine until there is a sales settlment, or default or refund to the buyer. 

We do have to come up with 40-60% of the LTV through investor money!

Get a 50% LTV loan and buy another property just like the one you own.