Recommended Purchase Cap Rate for Refi.

[Jeneé Murphy]

Hey Everyone - I'm looking at purchasing a rental property in Columbus, OH and I've been reading the book BP recommended Long Distance Real Estate Investing by David Greene for insight. I wanted to leverage business credit to purchase the property but since I'm just establishing it I was only approved for the minimum. As a second financing option, I'm considering hard money lending and doing a refi after 6 months. I know for the Rental Property reports, it was recommended on a recent webinar to focus on Cash on Cash ROI (being at least 10%) and a Monthly Cashflow of over $100. Is there a rule of thumb for Cap Rate (I was told by another investing this is what I should focus on when considering a refi) and the percentage I should be looking for to know whether the deal will be profitable in 6 months?