Did you include all of your marketing and management costs in your model, such as AirBnB/VRBO-type fees, cleaning, vehicle costs, maintenance, etc.?

I am also being advised that I should expect to pay between $25,000 - $30,000 in total for permits and fees including the $18K referenced above.  

I have a rental property so extra documents included things like leases, proof of no HOA on the rental property, etc.

However when refinancing I was not able to get that personal loan included in the cashout.

If you are willing to put in the work to build/remodel/update a property...i.e. create value, you not only generally increase your equity position, but also can often create more room to cash flow and/or cash flow at a higher % CoC.- I have personally built two houses in Fraser, CO.

My partner and I are looking to create a portfolio of long term rental properties to create freedom and independence from our W2 jobs, and create a foundation for generational wealth.

In short, my advice would be to think very hard about why you're quitting your job, and then create very detailed budget and financial plan.

The first people that lose their money in a downturn are those that are lending at insanely high LTVs without adequate underwriting experience including determining if the borrower's qualifications based on credit/character, capacity, and collateral.  

They should be able to provide you with instructions for creating a Quit Claim Deed, transferring the property from one entity to another.

5 of my best friends have created an LLC to begin investing in Real Estate.