I feel like the seller would wait and I could just buy it in cash since I do plan to refinance it anyway and pull out the equity once I’ve done some repairs/upgrades.

I have been following the Real Estate Investing industry for a while and just recently decided to put my focus into it and implement a plan I had in mind for years.So I went down to Puerto Vallarta I put together a team of local realtors, brokers, contractors, property managers and a lawyer. 

I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

Just ensure you’ve got a solid plan for reinvestment and aren’t rushing into the next deal too quickly.

What is your plan after rehab.

Quote from @Kris Kempe: Hey BP fam, Have a single family home I got under contract and planned on wholesaling.

You need a management plan in a market to make it viable.

If you like help structuring this deal differently to give you more leverage, let me know, I've worked with new investors on game plans and seen others start with 90% LTV on their very first deal.

But, sometimes waiting and stacking cash for another opportunity is the best plan. 

We are planning on purchasing an STR (probably condo) in the Treasure Island area of St Pete.