Goodmorning Johana,Best bet is we refinance the note and see what kind of terms we can get going on this.Typically can close fairly quickly here in texas using hard money notes.

This step ensures compliance with local regulations.From my experience, when I had an STR in Cleveland, I only did the regular rental registration, so make sure you complete both registrations to avoid any issues.Cleveland is a popular spot for STRs, especially for visitors coming for sporting events and medical purposes.

Which is true - but the refi is going to cost you $3,000-$5,000 in closing costs again - which actually moves you backwards by a couple of years to recoup those costs at the $200 more per month you will make once rates get back down to 5.x%.My bet is that unless you can find some seriously undervalued real estate that your numbers won't look pretty at 8% interest (all in).  

You can probably do it in areas without zoning or farmland, but it is very difficult in a traditional residential zone.Your best bet is to look for areas along busier roads that are currently residential and turning commercial or already turned commercial with lingering residential.

If you're using all cash then obviously that's not an issue.Another thing to consider is if the land has deed restrictions, checking on the city website or MLS would be your best bet there.I'd love to learn more about what you're trying to do and maybe be able to help answer any questions you might have!

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

I do agree that mechanical upgrades are a good idea if necessary, those are almost always a safe bet for ROI and resale-ability.

I bet you do a great job rehabbing!

Quote from @Thomasina Pearce: Quote from @Gladimir Lobo: Heading downtown to try your luck at Jack's is a much better bet.

@Mike Musarra  If you plan on doing a BRRRRR your best bet will be refinancing into a DSCR loan.