If property values are stable or increasing, your strategy might be solid.Exit Strategy Since you plan to refinance in 12-18 months, consider what happens if interest rates don't drop or if refinancing terms aren't favorable at that time.Questions you might want to askAre there any zoning or regulatory issues with converting or renting the units as mid-term rentals?

You’d need to file the Articles of Organization with the Colorado Secretary of State (the cost is around $50), get an EIN from the IRS (which is free and can be done online), and possibly draft an operating agreement, which isn’t required in Colorado but is still a good idea.

Personally a cash-out refi could help me get more quickly into all-cash BRRRs or a REI venture in Spain, however I don't know to what extent this is at the expense of rental cash flows, and what is the wiser decision long term.I've combed through posts online and looked for Excel templates to run some calcs and get a sense, but nothing really filled the void... 

This adjustment demands a greater cash input at the point of refinancing.

As far as refinancing, I work on the lender side and unless the property is livable and finished then that is not the route to go because the appraisal will be subject to until the work is finished.

They are super helpful, provide so many forms online necessary for the start up.

Side note: My husband and I are currently funemployed (we both have seasonal jobs) until October, so not sure if we could qualify for traditional re/financing options at this time.

BRRRR is a low-cost real estate investing strategy that involves buying a distressed property, fixing it up, renting it out, and refinancing to pull out equity.

Go for a local manager, not an online, discount company like Evolve or Vacasa.Try to interview several managers.

It’s similar to the mortgage calculators you can see online but can add extra payments.