Sometimes it is just about timing and being patient.Lastly, echoing @Jonathan Greene - Don't jump at the first application PLEASE do your due diligence, call references, past landlords, etc.P.S.

If your goal is growth, a refi now might make most sense, but only you can make that decision.I'll also second what @Jaycee Greene mentioned that most lenders won't go to 80% LTV on a cash out refinance. 

Quote from @Jonathan Greene: I believe in SLC, they are still requiring the owner to live in the main house (meaning you don't have to be there, but you can't rent it) for you to use the ADU for anything else.

Quote from @Jaycee Greene: Hey @John Tomassacci!

Of course, with private lenders, you must give up equity or a return on the debt.I agree with @Jonathan Greene that the BRRRR market is difficult right now.

For example, I've had clients walk into homes with vibrant orange kitchens or neon green bathrooms and instantly feel overwhelmed.

I 2nd @Jonathan Greene's question: why Illinois? 

Hey @Trey Holloway, there are products out there that fit the 10% down model, but you will have to hunt for one.I don't agree with @Jaycee Greene that banks don't finance STRs.

Quote from @Jonathan Greene: Did you miss this in the same forum 10 days ago with 95 replies?

If you listen to David Greene, he's hearing more and more stories about syndications struggling to keep up with their promises and a lot of investors are losing money, or pouring more money into the syndication to try and save their original money.