If I get 80 or even 75% cash out at refi I will have replaced my purchase and rehab costs.

The three most common approaches include:Cost approach: An estimate of the replacement cost less depreciationIncome approach: Calculation of estimated potential rental incomeSales approach: Uses comps of recent transactions on similar propertiesBe sure you are leveraging the tax incentives availableIdentify any applicable tax incentives available for commercial properties - historic tax credits in certain areas, opportunity zones, environmental sustainability, etc.Understand available tax deductions, credits, and rebates - Tax deductions decrease the taxable value of a property, tax credits directly reduce your tax liability dollar for dollar and tax rebates are a refund of taxes paid under certain conditions.Utilize a cost segregation study - Cost segregation allows you to reclassify assets into categories with shorter useful lives, therefore accelerating depreciation and creating tax savings.Leverage energy incentives and deductions - Look into the Section 179D deduction and how you can save on tax by meeting certain standards to make your property more environmentally friendly.Best practices for commercial real estate owners and monitoring their property tax regulations:Plan proactivelyWork with a professional to receive guidance on complex regulationsUtilize specialized software tools to drive efficiency and compliance.What questions do you have regarding property tax valuations?

Is anyone familiar with the SB 9 process, and if so, do you know the estimated costs and timeline?

Lenders have told me they won’t include Reno costs in with the initial loan. 

If you want to enter that STR market you will need a lot of amenities and theme to keep up so furnishing costs could run 100k with modifications to support getting closer to the top in a tough market if it's not one that someone else was running.In terms of the cash, it gives you leverage on the buy, but I don't think you will like what you see on rates with a DSCR for STR if you only have 3-6 months of activity.

Needless to say, your acquisition cost will be cheaper. 

On one side the companies appears stronger, due to labor cost cutting, so equity investors appreciate the companies improvement on the quarterly reports, which supports investors desiring to invest more in other business, which improves the economy.

You could essentially find a home with low equity, pay for the closing costs and take-over a 2%-5% loan, saving you hundreds of dollars every month!

50k isn't much to get into short-term rentals in reality because you need a downpayment, closing costs, and then furnishings which are the most important after part that you need.

I have yet to do a true rehab (flip), but my advice would be to absorb as much information as you can and set up keyword alerts for the "fix & flip" to see others questions and answers as well as look through the deal analysis forum category to see how others analyze deals and estimate rehab costs.