I was wondering if I am in this situation again, can I pay cash (I have the liquidity) and then refinance after closing?

If the cash flow of this property could get me beyond what is needed for my cost of living, my current W2 may not be a requirement, and I could make use of my Realtor's license in Indianapolis instead.

This may affect your ability to hit a desired cap rate or monthly cash flow. 

Just need cash inflows, cash outflows, and discount rate.

Operators - If you plan on doing the STR yourself, you will need to shell out the cash for this but only if you are renting out additional addresses on your property.

As long as I'm cash flowing, then I just slowly raise the rents over time.

Purchase price: $176,000 Cash invested: $53,968 Sale price: $220,000 Want to share my first flip, project.

One problem - I used all my cash fixing up the place I have! 

If the kitchen needs an upgrade or the bathrooms, or flooring then you could add value to the house and potentially cash out refinance or get a HELOC based on the new value and use that for more upgrades.

If credit is good and you have a ton of cash, then you should buy.