Hey I am also in KC and flip houses and do other investment projects. 

If you're into flipping, make sure to take small, cosmetic investment (< $30k) to know how to fix it up before going for bigger projects.

Of course you can refi, but you wont be able to do a full cash our with rent covering your mortgage so you can keep rolling the funds to next project. 

Ill explain my situation the best I can...Ive got a 100% remote corporate w2 Job making approximately 200k that offers a bit of flexibility since its mostly just project work.

Let me know how your project turns out. 

I am currently in the process of leasing up a vacant property we’ve been renovating however and that has SIGNIFICANTLY increased the amount of people time that I have had recently so for you if that is a huge issue I would not recommend getting involved with any vacant properties that involve total lease ups or else you might just prefer utilizing a property manager.

Your margins are going to have to be tight or be willing to take on extreme projects (fire damage, etc.). 

2- If I employ a full-service property manager to handle tasks such as cleaning, maintenance, booking, and guest communication, while I focus on business aspects like property search, renovation, decoration, bookkeeping, and supply procurement, would this still qualify as material participation or could it pose a risk?

I renovated the inside and outside.

I had a shady contractor and didn’t complete renovations until November 2023.