I'm in the market for entity config and tax planning/prep.

Study the market.

One possibility is building a duplex in Peoria, while it's not the best rental market, getting a duplex at a possibly much cheaper price than market value is extremely appealing.

Currently, the maximum LTV for a cash-out refinance on a 2-4 unit property is 75% LTV, some lenders can go up to 80% on a case-by-case basis but qualifications are much more strict (FICO, DSCR, Property Type, Market, etc.).. but it can be done. 

Congratulations on jumping into the STR market. 

It sat on the market and dropped in price a couple more times at which point we decided to make a new offer.

I'm looking to investigate this market a little further and wondering if anyone can help me out.

If you are willing to do this over a long period of time, this can be a great strategy, especially in a low-inventory market.

@Dennis KnappJ Scotts book on estimating rehab costs is a great start. https://store.biggerpockets.com/products/the-book-on-estimat...Here is a "general" rule of thumb for my market in Jacksonville, FL.

My primary focus is on properties in Miami and the surrounding areas, including Homestead, as I’m familiar with the market here.