In your scenario you'd have a potential tax event on that $200K difference.Here's a creative way to access most of that money tax free however. 

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

Otherwise, get a HELOC to access the equity to buy a home in AZ.

Retaining your current home at a 2.875% mortgage rate maximizes cash flow, while accessing $65K in equity provides liquidity for your next steps.

They claim to charge in the "high 4 figures" - one web source says it's $4800 - to join their group and get access to their network and resources.  

This approach allows you to have a legal presence in the country, which is often necessary for investing there if you don’t live in Spain.Having a virtual office in Spain through your LLC could help you access local tax benefits and deductions, such as expenses for mortgage interest, repairs, and insurance, which non-residents typically cannot claim.It’s worth consulting with a tax or legal advisor familiar with both the US and Spanish systems to ensure compliance and take full advantage of this option.

This approach gives you access to better loan terms and makes the investment more feasible.In my market, the BRRRR strategy only works if you purchase an absolute steal from the seller—and deals like that are virtually nonexistent.

For many of these hybrid and remote employees today, the main attraction to living in and around a major city like D.C. is the easy access to retail and entertainment areas, especially experience and community-focused retail areas.

I was able to get to the folders and access the appraisal.

You usually can do these loans with NO points, you just need to work with a broker who has access to dozens of lenders as there are plenty of lenders that can provide these type of loans with No Points.