My initial plan was to loan the money directly to the LLC. 

They are 50% complete and have exhausted 95% of the schedule they initially said they would have no problem meeting.

We have done a lot of the initial work (new foundation, demo, stabilizing the hillside, minor framing. 

Here are some initial thoughts from my experience:1.

When I initially started I had a really hard time wrapping my head around the cash-out refinance, I thought I cleared it up, but maybe not? 

Agree with @Abel Curiel, while initial #'s look pretty good, make sure you run the comps so you aren't overpaying.

Initially I was planning to BRRRR this and use a rental but with the market still hot here, am considering selling. 

It could be for any strategy--not just STR...There's a money partner and sweat-equity partner (I'd say "managing" partner in LLC lingo): the money partner initially collects all profits in a scheme where the sweat-equity partner works off his or her half of the initial downpayment in what Carl calls a "mini-mortgage." 

Because of the property is in the path of progress we expect to refinance and pull out all of our initial investment in less than three years.

The property is being marketed using the strategy of asking a low initial bid price expecting this will draw many bidders and result in a bidding war with the final price being far in excess of the initial “bid” floor price10.