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.

@Drew C Grossman My initial thought is to put the automatic gate on.

Just so there is no confusion on this "The reason you can't do a 1031 exchange is because the 1031 exchange has to be officially initiated before you "sell" the first property with the gain".  

The initial numbers I ran did not take into account remedy the crawl space issues so I would need credit on it to move forward.

$260.00Management $520.00Insurance $111.00Property Taxes $354.00Mortgage Payment $1,517.96Total $4,072.96Monthly Cash Flow: $1,127.04Cash on Cash ROI: 24.18%Financial Projections:Total Initial Equity: -$ 351,000.00Gross Rent Multiplier: 6.25Income-Expense Ratio (2% Rule): 1.28%Typical Cap Rate: 8.14%Debt Coverage Ratio: 1.74ARV based on Cap Rate: $ 390,000.0050% Rule Cash Flow Estimates:Total Monthly Income: $ 5,200.00x50% for Expenses: $ 2,600.00Monthly Payment/Interest Payment: $ 1,517.96Total Monthly Cash Flow using 50% Rule: $ 1,082.04This feels like a good deal based off the number, but It also put me on top of my budget.