This lender wants 75% LTV one quarter, and boom you blink and they want 55% LTV, or their rates jump up all of a sudden.

at least not right away.  7.1% is not at all a terrible rate and presumably it's a 30-year fixed rate.  

My current mortgage payment is around 2700 with interest rate of 7.15

I would hate to lose the lower rate loan and not be thrilled to give up the prop 13 savings.

This is caused by many years of low interest rates, high construction costs & supply shortages, along with high demand from millennials buying first and move-up homes at the same time baby boomers want to downsize. 

Either could make you more money but dependent on market conditions, location, timeline, roadbumps, rates, etc..... 

Granted - these hard money guys don't play around with their rates and fees - but they'll get you more leverage and help you keep the equity requirements lower so that you can build up a strong track record and start taking down deals with your own / immediate family equity. 

Having to book your own AirBnB is a great tool for direct insight into demand, rates and competition. 4.

With the average apartment in my area ranging from about $1600 and up, having a mortgage rate between $1200-$1400 (again, rough numbers the lender provided me with) doesn't sound too bad considering my money would be going towards my investment and not just right out the window.Now all this sounds very intriguing considering I am ready and willing to take these steps, but with where I am at as an hourly wage employee living paycheck to paycheck, in a VERY expensive town to live in, the numbers just seem quite daunting.

I have nice 3-4% rates but just fearful of a hurricane coming through and destroying the homes.