Most lenders, hard money and traditional, require a resting period on the loan before a cash out is allowed.

I'll be shocked if you can actually get much cash flow out of them (unless you are putting 50%+ down payment) once you factor in the taxes and high HOA fees but sounds like this is more of a lifestyle choice.

Since this was our primary residence, we went a traditional route through a realtor.

Then they can make their own choice if they're willing to wait if you have to go through an eviction to get them out. 

You certainly could take out a traditional mortgage to buy a property, renovate it and refinance it.

Hey BP! 
I'm a seasoned Commercial Real Estate professional (Buy and Sell Side) and getting started with my own real estate business. I just launched my first short term rental in Sacramento and now looking for new p...

Additionally the house I own and live in now was purchased with a traditional loan.

My question is, what ways would there be to BRRRR /flip a property is let’s say I were to get out of the Navy or pursue a new career choice?

Is Memphis not the right choice now in 2021?

I think the key here is choice of market.