We were in a financial position where we could keep our existing home, upgrade, and purchase another home.

It is interesting how a lot of hosts here are continuously complaining about saturation and lower occupancy while refusing to adopt the new system.

They may take an interest.Some of those people might actually be more aggressive about enforcing existing laws.

I'm thinking of selling my personal residence on a wrap, but I wanted to see what you thought about these approximate numbers (rounded for simplicity):$140k sales price$30k down payment from buyer$95k owed on my existing mortgage @ 4.875%$550 P&I monthly payment ($650 w/ taxes and insurance)Seller finance the $110k left w/ a wrap w/ a 3 year balloon.

Every loan and bank will have its associated fees and cost as its the price to do business but if you see more leverage in tapping into existing equity that could very well be the case.

To get to the ARV of $250,000 , I am assuming as follow:Because you spent $15,000 in renovation, I am assuming you increased the Initial value of the property at 30,000 bringing it at $230,000Add a 8.69% home appreciation for one year $20,000Estimated Home Value After 1 Year:$250,000Refinancing Breakdown:New Home Value (Post-Appreciation): $250,000 New Mortgage Amount (80% LTV): $200,000 Existing Mortgage Balance after 12 months: -$158,035 Assuming 3 Months Interest Penalty for Breaking Existing Mortgage: - $2371Total Cash Pulled Out: $39,594, allowing you to recover to pay a portion of your initial investment of $63,548, leaving $ $24,015 in the deal.Many new investors mistakenly believe the BRRRR strategy ends after the cash-out.

A good mix of LTR'S is a very good idea so that all your eggs aren't in the STR basket.I like tourist destinations where STR'S are heavily ingrained and almost impossible to ban or regulate out of existence.

Very challenging if not impossible to make lot ratios work if the existing property isn't conducive. 

Quote from @Isadore Nelson: I recently acquired a property with an existing tenant who has been living there for about four years.

We used one of our existing local lenders to provide the majority of the purchase, and the rest was provided from our investors.