(As AZ and your current state will fight over who gets to tax your gains with the federal government.)I have to throw most of the shade on your horrible tax guy/cpa who didn’t tell you renting it out was a $50-$100k mistake. 

Here in FL a pool trumps all and having a spa feature built in offers additional ROI. 

I doubt after factoring all of the expenses/reserves you'd be at $1100 per month in Net Cash Flow but still way ahead of the expenses nonetheless.We have a duplex bringing in $2800 per month-expenses $1253-debt- $740(P/I) and netting us $807. 

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?

As others have alluded to, buying larger units or a house near the beach is a better play. 

I can connect you guys, if you're interested in real estate shop-talk. 

Our goal is to have a short term rental business and build it over the next several years.

I lived there for a couple years and I met this guy who has bought and managed a ton of property there. 

That said, here is how I would proceed...For some background, I used to run an STR management company in SATX and we peaked at about 35 properties under management. 

I My goal is to have a cash flow.