Obviously there's a grass roots component here (along with the hotel lobbyist's obviously).I say this, in this tread specifically, not to play chicken little but to make potential short term rental investors in the Tucson, Phoenix, Scottsdale, Flagstaff and other communities aware of the fact that Arizona will not always be the "Airbnb Wild West" and to be prepared for the eventuality of STR regulations being imposed here, as is happening all over the country.Now, most of the regulations that I've seen that have been imposed have a grandfather component so getting in ahead of the "smack down" could stand to secure the value of your rental, but this has not always been the case, some places simply shut it down (Which I don't think AZ would do, if anything they'll just impose a permitting requirement as it shows good faith to the lobbyist's AND increases tax income).Also, government regulation isn't ALL bad, as it slows the influx of competition in an area, helping to keep prices from bottoming out.I say all that to say this.

If the loan officer knows what they're doing (meaning they collect the necessary documents and they do a complete application on the front end and there are no wild cards like the appraiser finds an underground storage tank or mold or any other crazy thing that can come up to bite you) FHA can close in 3 weeks. 

How did you know it was a great property with all the comps and everything looked great, but be wildly in error on the value?

@Levi McDaniel, What is left to say other than Congrats and welcome to the wild world of REI. 

When Denver was the wild west of Airbnb years ago, I thought I'd only do it at one place.

Or, perhaps he wants to hang on to the property it in the hopes that real estate will be appreciating wildly again, like it did in the early 2000's?  

$125,000... but of course this is a wild, random guess.

-if the property has wildly appreciated consider a refi to pull out equity and place elsewhere-if pulling out equity upsets the cashflow balance, then a 1031 is probably a good ideaIn the event of rising market rates, you have paid enough down that you can refinance into another 5/1 ARM and restructure your debt which will help you keep your mortgage payment low, even if you have to take a hit to the principle pay-down.While you accumulate the savings of a 5/1 ARM and your debt is paid down, your rent should be appreciating too.  

West Michigan REIA meets second Monday of each month at 6pm at Buffalo Wild Wings on 44th St in GR - great networking group, haves and wants, sometimes they have a speaker.

And, since you are a licensed professional, you used insider knowledge to gain an unfair advantage leading to a treble damage lawsuit because, even as 'wild west' as Texas is, we do so want to take care of 'little old ladies' (re: homestead law preventing home equity loans of more than 80% LTV)