You might consider exploring refinancing into bridge loan with a rehab component.

I also don't want refinancing risk, so any deals with only 3 to 5 year debt are out for me.

If you stick to finding equity, refinancing/flipping, you can turn that into cash flow (+ cost seg) to keep as much of your hard earned money as possible.

So, we found a property manager through a friend and fell into the business.In 2023 we decided the real estate thing might work, refinanced our property from 2009 and bought an additional rental property in the same area placed it with our current property manager… on purpose this time.

Instead of selling your rental, I would look into cash out refinancing your rental and using that to do BRRRRs in the midwest and just keep on adding to your cash flow.

Purchased in February 2023, rehabbed until June, listed the Airbnb in June for the high season, rehabbed the basement in October and refinanced in December.

(option to go to 24, but I want the initial project to begin locally.)Location- OhioMarket type- Local, within 8 miles to meBuilds- Identical 2700sf, 4 bed, 3 bath , placing the same structure that meets the tenants criteria in 9 locations.Debt: Seeking a refinancing option  based on a 9% cap rateThe difference ( 450,000 x 9= 4,050,000    vs    NOI of $384,261 / 9% = 4,269,576 or $474k/property + tenant)with our continued rates of appreciation and a standardized tenant/lease structure in place, this should be a win for everyone.Who has a solution?

I refinanced the property around five years ago to help with the down payment for my primary residence.

That's just how successful real estate investing works and all good things take time.Also, another thing to make mention of is that we or anyone else for that fact can't control the leverage that you decide to take out when refinancing or using a HELOC to buy in the first place.So if you over leverage or your loan terms aren't favorable. 

Ideally, he wants to have it refinanced into a conventional loan.