I don't have time to go to the law library or access to the legal data bases that have more detail than my searches have resulted.

Hi y'all- I'm getting my legal structures & privacy in place and own an STR in NC.   

Did you use a state-approved contract (if applicable in your area)? 

The biggest challenge I can see for this is that I hear it's a pain in the *** for the seller to go through a local community bank and confirm their income for their approval for a mortgage, and there are local/community banks that will approve 95-100% LTV loans based on how profitable the deal is.

Talk to your preferred lenders about whether they see a cash our re-fi as being approved with the same standards as an investment, i.e. loan to value, debt coverage ratio, etc.

Many investors stick with traditional financing methods without realizing the impact of fees, slow approval times, or rigid terms that may not suit their investment strategy.

A good CPA will identify legal deductions you can take to minimize your tax obligation.

A legally binding contract.

The Heloc for Better you have to draw 75% of the amount you are approved at the time of closing. 

Don't get sucked in to borderline applicants, make it as black and white as you can so you can approve or turn down with confidence.