If interest rates fall later, refinancing again might require you to bring extra funds to the table, which could impact your overall investment strategy.

To process a new owner payment the system takes an extra week or two.

And the GFC where I had spectacular earning years right up to 2008.

It makes the dialogue more between the two members rather than with the whole membership (unless you take extra steps to click on every triangle).

Right now I'm just looking at properties all over the place learning how to analyze a property etc but as somebody that is looking to make their first investment, i want to avoid if possible the extra outlays that can potentially come with an older house. 

Promissory notes in general, as they have no collateral, seem a bit higher risk, perhaps mortgage note investing which are backed by residential and sometimes even commercial real estate would be a safer alternative, and yet very lucrative, too,  8-12% yieldsFor extra returns, I put a small portion of my portfolio into BDCs, Business development companies, that specialize in loaning money to growing businesses which are too high risk to get loans from proper banks.

Which leads us to:2) Are you 100% positive that a) an STR, b) in Florida, c) right now, is the best place to put your hard-earned equity?

I suggest you turn your moment into the best learning / earning moment.  

You might find that they could charge enough extra rent to pay for themselves.

(Just don't tell your lender that you are going to do that) The umbrella policy is an extra layer.