They are bought either with SHORT term high interest (hard money) type loans or purchased in cash.

Look, I am rather regimented when it comes to hard money; that a HML should ONLY ever be used for short term transactional purposes. 

I could have cut that distance by more than half if I wanted to rent but I wanted to own, so I paid for it through time.

If you opt for the live in flip like I mentioned above it will probably not make sense to do a refi for such a short period.Hope this helps you some.

Life’s too short.2. you’re making a 5 percent return on total equity now, and surely much more on a return on investment basis.

In my experience, a property with multiple cottages and outbuildings can provide all kinds of creative strategies...some folks try short-term rentals or even specialized retreats if local regulations allow.

This is an alternative approach for newly constructed buildings.RESIDUAL ESTIMATION APPROACHThis approach determines the cost of short-lived assets, such as 5 or 7 year property and subtracts them from the total project cost.

But in short, you have a few options:For the Primary - If this is a free and clear you can always do a cashout refi up to 80ltv.

And if your investor friend’s private loan helps fill in any gaps, it might be worth considering that short-term pain for long-term stability.What do you think you’d focus on first... paying off that line of credit as fast as possible or jumpstarting the renovation to boost cash flow right away? 

My interests includes but is not limited to co-listing Airbnb, short term, medium term or long term rental properties just to include a few.