Surround yourself with knowledgeable professionals who can support your real estate endeavors.

Good luck with your future endeavors! 

Quote from @Theresa Harris: Quote from @Kevin Sobilo: Quote from @Theresa Harris: I'm in Canada where refinancing is an expensive endeavor and we generally don't do it (we have to pay out all of the interest remaining on the mortgage). 

Not a casual endeavor.

Good luck on your endeavors! 

The first thing I want to point out is that it may be wise, in your thinking, to separate the property itself from the STR business that's being run from the property.In the old days (as recent as 10 years ago), people buy a vacation home to enjoy, and they leave it empty when not in use. 

But keep in mind if your using money you cant afford to get back then buying action property might not be appropriate for your current endeavors and its better to just buy open market were you can do proper due diligence and know you have a build-able site.

Good luck with all your endeavors! 

What are some pro & cons you noticed throughout your endeavor?

I am a newbie in this realm and looking forward to learning all I can in this endeavor of becoming financially independent.