People think if they can afford the down payment that they can afford the deal but even in deals where the purchase is 90k or less you will still need to be liquid 25k because you figure:15k to close5k to front contractor to get started5k (6 months holding costs)Insurance and Misc costs: 2kSo you see the life cycle can cost 25k+ even on a small deal. 

Always have an exit strategy from the very beginning.

You can have a candid conversation with him to review your financial situation to determine Nathan Green's #2 point about getting your finances in order to be ready to purchase your next investment property regardless of your exit strategy.

Please keep in mind that unless you are a real estate professional or utilizing the short-term rental loophole strategy, you are creating passive losses that can only offset passive gains.

You need to think about what your plan is for health insurance because a bad turn can wreck you financially.

Your property taxes and insurance increases. 

Then, look and see if any properties fit your strategy that you can acquire at that price point.

Maybe you’ll get lucky and they’ll outright ban STR o require you to live in the property so you can ignore this strategy.  

It's the same with loans.On a $400,000 loan for 30 years, a 1/4% interest difference costs you something like $23,000 in frozen costs not to mention that you could be investing that money along the way.Here are some of the companies owner by Fidelity NationalAll of the major title companies get their titles through FIDELITY NATIONAL TITLE INSURANCE COMPANYand their list is something akin to And on it goes. 

;) I would not plan on a refinance being your strategy.