@Ali Boone Thanks for the sound advice, I’m leaning towards the turnkey class B homes as a safer way to start with diligent homework being my first long distance investment.

I did some quick math and realized I the opportunity cost of capital would cost me 2.5x the money I could make if I didn’t take the cash out refi.

And you should probably work on your math - the 50% rule is a pretty crude tool, you may need a finer instrument like the BP calculators.

You have to do your own homework 

I did the math and found that even when paying off my loans aggressively it would take me at least 2 years.

If my math is correct I will be able to raise enough money for a down payment on my first rental property within 12 months.

We don't know that yet for certain, but it makes the math easier. 

I’d start looking in New York and possibly Internationally such as Canada, Japan and China.Also, do your homework (although hopefully you did before purchasing) and compare how the club rates against non-community clubs for both golf and social.

Private financing - such as a vendor carry - are often structure along these lines: interest only for 3-5 years or interest only for the first 2-3 years with annual principal re-payment amounts required in years 3-5.In the commercial world, bridge or mezzanine financing often looks like this.In the end, it all comes down to math:  what use of capital yields the best return.

@John Warren I am going to do the math today and see what the timeline for that looks like.