It is rather difficult to make BRRRRs pencil out right now, so you should budget to leave some capital in the deal on the refinance. 

Yes I spend time in Florida on a regular basis. 

This deal taught me to always budget for contingencies and reinforced the value of a great team!

So basically $2M annually.So I could spend $200k and make $24,000 in a year, or I could spend $200k and make $2M in a year.

That's understood.Page 19, Two faces of Debt: Federal Reserve Bank of Chicago - "banks exchange a borrower's "promissory note" or "security" for a check that other banks can deposit" (so the note is funding a check) same page states, "...the borrower can spend the deposit acquired by borrowing"... 

Well-maintained homes: Homeowners tend to spend more time and money maintaining their homes, which contributes to the overall quality of the neighborhood.

No need to spend an extra $1000 for something a tenant won't notice. 

If it wasn't housing, food, or transportation, I didn't spend money on it. 

Trust.I am spending upwards of $7K having my STR to LTR back to STR repainted and refurnished.  

Have you consulted with lenders to discuss your budget and options?