My wife and I own 3 properties in Colorado and are considering pulling some equity to purchase an STR in the Tampa Bay Area.

A condo is cheaper, but what about the HOA fees?

What are fees associated with the Qualified Intermediary holding onto this money?

"pay me double of my expected assignment fee upfront., or in escrow and I will terminate it.

The property will be sold upon completion.Rate:  12.05%Term:  13 months interest onlyARV:  $648,000Loan Amount:  $433,000Processing Fees:  $15,361.64 (3 pts plus processing fees)Escrow Charges:  $3,130.90Insurance/taxes:  $1,722.82Construction Holdback:  $498,361Cash to Close:  $84,762.36 In the OP, you said that the loan amount was $346k.

Sometimes pulling out equity and reinvesting it elsewhere..maybe in a smaller, more agile asset..can give you the cash flow boost you’re after without giving up a solid property.Improving the property’s current performance by making it more appealing to tenants or tweaking lease structures could give you a nice bump.

From a transactional cost standpoint alone, the fees on the way in and on the way out require significant appreciation to break even.

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

They’ve been solid investments, with rising rents and property appreciation, but over the last 2 years, skyrocketing HOA fees and stagnant value growth have reduced cash flow.

I was looking for something cheap, but nice at the same time. my real estate agent pulled through and found this property being sold off market.