As Erik said below, you could use a form of delayed financing on the cash purchase to pull the majority of your equity out and have for another property. 

AirDNA (I always check multiple places) says this property could make a $500 average daily rate (ADR), with 65% occupancy as a basis.I pulled up the new BiggerPockets STR calculator spreadsheet and realized this might be a winner.After entering all of my research numbers, it shows a potential CoC of 12.49%, a monthly profit of $14,385, and expenses of $12,442 (even with a 15% management fee).

I would just make sure to reach out to some local lenders shortly after so all the hard pulls get grouped together and don't impact your credit score as much. 

Not ready to pull any triggers at this point, just doing some research to see if anyone has used his service, he comes  up first on google and the typical good and not so good reviews. 

If you're pulling rents from a service like Rentometer, they're historically very inaccurate.In my experience, the best rents come from going onto Zillow, looking within the same neighborhood/subdivision (usually within 0.25mi of the subject property), and filtering specifically for properties that have rented in the last 3mo (with similar sqft).

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

Now if you're able to do new construction and pull out all your money except 5%, you can scale much faster.I'm building in eastern tennessee and recently got a GC license. 

Pulled almost half a dozen action figures and small dolls out of there.

if so - are you wanting to borrow just  enough to pay off the loan and cover refi costs  or  are you wanting to pull out more funds over and above the loan balance ? 

I’ve bought 12 rentals from cash out refis by pulling equity out to scale up.