You haven't provided enough information on that to allow specific advice.If you purchased the property in 2020 you should still be at a good interest rate (assuming a 5 year balloon ARM). I

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Indian Rocks beach which was a huge STR area was completely demolished.  

Larger Multifamily is currently a very overcrowded field as there are many multifamily trainers out there teaching armies of people how to buy it, who are all competing for the same deals, and sellers know it.

And keep in  mind the Indians used to burn this stuff hundreds of years ago as well That helps to make a lot more sense.

Now CA. it can take 6 months to a year to get a cutting permit and you have to address all environmental issues in your application up front Including Hooting for Owls and Indian artifacts along with other species that could be endangered or Vernal Pools etc etc.

One is Army vet.One thing just to keep a pulse on is base closures and cutbacks. 

I'm fine with the money down and shorter term but the higher rates and the ARM I am not a fan of in general.  

We have an STR in Swannanoa that wasn't damaged and have had several week+ long bookings since the storm (including Army Corps of Engineers, etc). 

Sub-to is an army of poor ignorant being lead by a handful of savvy opportunists.