That would cash flow much better than a LTR tower.

Purchase price: $640,000 Cash invested: $1,200,000 Turned a shuttered and rundown 13-unit waterfront motel into a brand new vacation destination with added lakefront "tiny homes".

This is our first time buying all cash. 

Looks about right - here's also a list of the top cash-flowing cities if you're interested in major metros

However, it mainly depends on LTV, cash flow, and credit so it is hard to say without knowing the full details.

There hasn't been this huge wave of foreclosures or short sales as people are hanging on, doing cash-in refi's or doing work outs with lenders.

john, The Refi is interesting,  cash out refis are harder then HELOCs. 

That way all you do is watch other people do the heavy lifting while you cash the big checks.

You could also do a simultaneous closing of a fixed first mortgage as a ‘cash out’ refinance and piggyback a new investment property heloc for future use..although the heloc rate will be stronger on the primary.

It sounds like a DSCR cash out refinance would good option for you as you can be in an LLC, no DTIs, and there are no concentration limits when it comes to how many you can do.