I raised this concern because I haven't encountered such a situation before, and I'm worried about potential issues with refinancing after the renovation

While investing in a condo as a first investment isn't necessarily a bad idea, it's essential to be aware of potential pitfalls.

There’s tons of renters and potential for appreciation in certain areas there.

Hello BP,I live in a region with a handful of Short term rentals and I’m currently analyzing a property with STR potential.

I guess depending on future rates, cash out refi could potentially make a break even property finally cash flow all while taking out cash to buy another?  

I'm analyzing a first potential SFH deal on a conventional loan with 20-25% down.

Cold calling potential sellers needs to be quick and get straight to the point: your a local small business and you're looking to make an offer on the property, are they interested?

The value he adds to you can increase substantially and save you a ton of headache.An experienced investment broker will aid you in all aspects that come with the deal like underwriting, valuation, potential, structuring the deal, etc. 

Quick close leveraging a 1st lien against OTHER real estate you on either a cash out refinance, or, if you have equity, you could potentially obtain a 2nd lien against cash flowing real estate usually capped to a max 75% CLTV (1st + 2nd liens can't exceed 75% LTV combined) (5-30 days)4.

There seems to be less risk involved, and more upside potential.