Because the original value of your closed loan was based on renovations being done, there is no additional value to use for the removal of the PMI.Maybe consider refi to another lender who will order another AVM or appraisal to get you a more desirable LTV. 

Depending on the cash flow and your FICO, you should be looking at 75% or 80% (80% will have a significantly higher rate than the 75% but depending on your strategy could be worth looking at) of the new as-is value that you can get to pay off the rehab loan and get some cash back to go after your next property.I'd recommend looking at some of the BRRRR articles that have been written in the BP forums for some additional info on this process.

With consistent rental income and a strong potential for future appreciation, this property offers a reliable addition to any portfolio.

So, if you have a W2 or cash flow from properties to build some reserve funding over time, then I would likely say know to additional funding from the cash our refinance.

Used a HELOC on a primary, and was sure that even with that additional debt-service, there was + cash flow.

Given appreciation is typically where you are making most of your return in any real estate, having this additional appreciation helps create much higher returns.Additionally, my single family tenants, typically stay a couple years longer than my duplex tenants.  

In addition: I would withhold more money for completion.

Used a HELOC on a primary, and was sure that even with that additional debt-service, there was + cash flow.

In addition, the City of Cape Coral has updated codes and ordinances related to short-term rentals that are now available in a searchable database provided by Municode Corporation (3).Short-term rental limitations have been an issue in coastal communities in Florida, including Cape Coral, where investors can buy property and rent it out for short periods at high rents.

In addition, you can use apartments.com and zillow.com to research rents for comparable homes in your area.