First investment property

[David Napier]

Hello BP, I'm looking to purchase my first investment property. My plan is to refinance primary mortgage to fund the investment property. Currently my primary mortgage PITI is $1200, after refinancing my PITI will be $2100. TI on investment property will be$350, rent will be$1750 a month. So currently I am paying$1200 a month out of pocket, after investment purchase I will be paying$700 out of pocket. Which gives me$500 a month cash flow.

Am I looking at this correctly or is there something I'm missing? Any advice would be appreciated.