Your cash reserves, and more.

Also, did you speak with a lender to confirm that said you can cash-out refi at 80% LTV (as your report shows)?

@William Costello Back in the day syndications were an investment strategy reserved for the ultra-wealthy and well-connected. 

I only have enough reserves for 97 conventional or FHA downpayment.

Can 53k get you in an SF with a finished basement to HH and another investment property, and leave you with ample reserves?

Had a VP of a local bank that does these loans and he said he would go online and look at reservations on the vacation rentals.  

Definitely refinance it out especially if you can handle the higher mortgage and it won't put a strain on your finances, make sure you have lots of reserves, it is risky to some but I think a great idea

FHA (FHA implies Owner occupied) will finance at up to 96.5% LTV, but there is an inverse relationship between LTV and cash flow (higher LTV = lower cash flow, lower LTV equals higher cash flow).With $150K and reserving $15K for closing and reserves would give $135K.

Short paying rent should only be reserved for major property deficiencies.

Getting a full fixer upper might be a bit overwhelming for your first deal, but have had it if you have higher risk tolerance and reserves.