Many lenders include a prepayment penalty  that lasts 3-5 years, which could limit your ability to refinance again if rates drop in the future. 

The rental might be vacant for a month,(8% loss) or a tenant might not pay for a month while you pay to evict them.(8-16% loss)  A $1,000 appliance/water heater, or a $8k rook or hvac unit might go out.(5-40% loss)  You should be paying a PM 8%.

Also consider your lifestyle and if you want to be traveling 3 days just to check to see if a water heater is installed correctly and your property manager is looking after your property.

Real Estate: Starting OutYesterday, I found out that my tenants had their water disconnected.

So you had way too much product and less demand and the gross rents dropped a bunch.Somehow the smaller cabin rents went up though.

Sometimes you have to drop everything to take care of your guest.

In the case of a HomeStyle Renovation loan, your lender might have added PMI at the time of the loan because the LTV was higher than 80% at the time of the initial loan and renovation.PMI Removal After Renovations: If your LTV has dropped to 73% after the renovations (meaning the value of the property has increased substantially), you may have a legitimate case for PMI removal.

they will lose a ton of interest on 5.5% loan if we refi with someone else, but it would likely be 7% so its a lose-lose, they will lose our business and it could be in their favor to just drop the abusive term, ridiculous that a conventional loan doesn't let you keep the place after moving out. never saw that coming and this type of "pulling a fast one" is exactly why the other buyer who couldn't be present on closing specified that the power of attorney for signing closing documents was limited to exclude anything unnecessary. 

If you buy a high cash flow property in Cleveland, over 5-10 years you will most likely break even on the cash flow or just be treading water.

And my rentals there are cash flowing nice, but it's taking some time to getting it occupied, and I also found out that I need to make sure that the tenant is paying for the water, because the water bills are really high over there.I will keep you all posted along my journey, and I hope I could help you friends.