I have 8 years under my belt with re investing and 10 doors to show for it, all in california!

@Malcomb Stapel one other thing about depreciation is that it is not optional. 

Thanks for your help!

Avoid personal use of the property, as it can limit deductions, and be careful to correctly classify repairs versus capital improvements, as improvements must be depreciated.

I'm most concerned about vacancy due to the higher price point of furnished and if it may be a better idea to lease unfurnished/ long term. 

Since it's your first, you should use an attorney.  

If each one of those pieces are not strong in what they do it will only make it more difficult for you to manage.

I’m also debating whether to make it more attractive for renters by doing larger renovations.

My situation: I have an FHA loan at about 5.5% and my understanding is that it usually makes sense to refi once rates are about .5% lower than your existing rate, which means I may need another .75 to 1% decrease in the rate.

Hi Jasmine,A DSCR cash out refinance sounds like the best product for this.You can vest in an LLC and most DSCR lenders do not report on your personal credit report!