I think if you do the math and factor the costs of refinancing to save $80 a month, you will see that you are going to spend more in fees per year for the costs to refinance than you are going to save by not having the PMI.  

This wouldn't be a mortgage.The bank will tie up your funds and should offer a competitive rate, this is a low risk deal for them and I don't suspect your credit will be much of a factor. 

@Stephen Moskowitz I meant that the cost of renovating becomes higher if you have to factor in the cost to raise the home on top of all of the other renovations.

I believe there are a few different schools of thought on this.Personally, I think it's wise to at least take a look at how the numbers crunch with management being factored in.

Real estate here is hot due to many factors and I am interested  in the opportunity which exists.  

Is that factoring in the HOA costs?

There's always the possibility that they can go up a significant amount based on a number of factors that would really compromise cash flow.

I have a 210K interest only HELOC untapped with a $0 balance and a rate @ 3.75 and I'm looking to do a refinance on some of my other properties and wanted to get a sense of how that would factor in to my DTI. 

That's a matter of long term strategy to avoid ever increasing insurance rates due to hurricane risk factors.  

Based on the BP Calc, I can make $40k with nearly all holding costs factored in if I buy at $330k.The comps on the high side are $600k and up and all have 4-6 bds.