Refi after construction.These numbers consider only the portion of costs of the HEL attributable to the land purchase, not the payoff of the HELOC (which we took out to buy the Seaside condo).Cash In:                     $66,166 (Cash, 1 year of debt service of HEL, debt service of const. loan, furnishing)Amount Financed:      $548,000 (home equity loan + construction loan + closing costs)Total Cost of build:     $614,166ARV:                               $850,000 (or rather "after construction value")Refi                                $637,500 (75% of value + closing costs)                                        Cash Out                       $89,500New payment             $4500/month (54,000/year)Estimated Cash Flow (pre-tax numbers, so actual mileage may vary)airBNB year 1:            $70,000     (net income $16,000)airBNB year 2:            $100,000   (net income $46,000)airBNB year3+:           $120,000   (net income $66,000)ROI (construction year):    0ROI Year 1 of STR:              24.2% ROI Year 2 of STR:              69.5% ROI Year 3+ of STR:            99.7% Did I calculate these ROI numbers right? 

This would allow you to access some cash for other purposes ( Tax Free) because a refinance is not a taxable event.

That’s $31,000 more—totally worth a little vacancy!

Feel free to reach out

I can help with any questions you have just feel free to reach out 

I didn't understand why I could not get my money out of a free and clear asset. 

Now that I'm retired I "eat" some of the profits, but because I did this for so long while I was working my total leverage is about 25-30% with a bunch of properties free and clear.

prices are high, interest rates are high, there is tremendous demand for inventory, and - one thing that doesn't get mentioned enough - a record number of properties are debt free. 

Working on my financial fundamentals, namely saving enough free capital to invest.

Was there something in the terms of the divorce that allowed her to live there rent free?