My wife and I also invest in STRs and I spend a lot of time working over the best place to buy our next property.I've been looking at Packwood recently for a client.  

That alone can kill a deal due to over the Max DTI limit.A cash out refinance is tax free and its an immediate liquid reserve so it can be used as an Asset or PITI reserves.

Having end dates in the summer is perfect and usually what I strive for.2 out of the 3 of these vacancies were actually planned for summer end dates.The one tenant is my tenant below in my househack and he has been absolutely incredible and kept me posted about this move for over 6 months.

I’ve been involved in real estate investing for over 30 years, so if you ever have any questions or need guidance, feel free to reach out.

I plan to turn a run-down house no one wants into a beautiful and desirable property that other women will fight over.

5K rent seems cheap for the area so I would continue with that.

How did you over come it? 

Most of the lenders I work with (provided you have experience and a credit score over 660) would do up to 85% of the purchase price and up to 100% of the rehab costs, provided this doesn't exceed 75% of the ARV.As for the idea of selling the land, great idea.

Its a nice little cheat/loophole on the mortgage side that can help afford a larger home pice and increase your chances of getting a home or other loans.If you have any questions feel free to reach out I am always happy to help and go over the basics.

This property is in the next state over from me (only about 90 min away) and is a 5 unit, therefore I'm looking at a commercial loan.