I realize you can't eat equity unless you sell or refinance, but it's still yours.

I have a condo with monthly HOA's and it eats into my profits, $300.  

That way if a change order comes up, you both are on the same page as to how valid it is and how much should have been included in the original quote.I would agree to a per ft2 number only if they agree in the contract to finish it at that price - no surprises, no change orders, they eat anything missed.

It is a Landlord lunch (you buy your own lunch if you want to eat) but they go over different types of topics.  

You must wake up every morning and work, just like speculators (flippers) who must shrug her the cow and then go find another cow each time they want to eat.

That can quickly eat up some of the benefit of the cash out with regard to spread on the next deal.

.#3 Hidden costs:   Even if you sell your property at a higher sale price than when you bought it, agent fees, repair fees, capex fees eat away at your profits.  

And she might be wanting to cut down on eating out to make sure you get paid but will her boyfriend?

Do these number Monthly Gross Rents $ 4200Monthly Expenses  Vacancy       $ 336 (8%);  (including here since 50% rule includes vacancy as part of expense)  Prop Mgmt   $420 (10% of gross rents)  Insurance     $208 ($2500 yearly; quoted by insurance agent)  Prop Taxes   $680 (2.9%/year of assessed value; actuals; eats up 15% of gross rents)  HOA fees      $330   Maint Reserves:   $420 (10% of gross rents)  Maint/Repairs       $84 (5% of gross rents)Total Expenses : $2478 (59% of gross rents)  NOI:   $1722  Mortgage: $1215 (25% down @ 5% interest)Approx Cash Flow: $507/month (about $125/unit)Cash-on-Cash: 7.2% (Assumes 25% down + 3% closing costs as initial cash requirement)Thanks,Jacob  

I just learned that isn't the case - in fact, taxes on flips eat into a large part of the profit.