Additionally, we addressed plumbing and electrical issues to make the property fully rental-compliant.

@Mike Lambert That is highly dependent on a multitude of factors like size/luxury class/location/housing type/owner restrictions/etc.

We have not disabled ours or converted to gas, but Tenant must sign a Fireplace Addendum stating if they use it, we require a higher renter's liability policy with us as additional insured, rules on wood, storage, use, safety, they pay for yearly professional cleaning each year they are there, etc.  

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

Recently completed a cash-out refi and want to take that money and buy 2 additional properties (~$200k or less each). 

In addition to the eight (8) factors laid out above, failing to pierce the corporate veil in this matter would create an elementary injustice and fundamental unfairness.

This is pushing many to look at areas that still offer strong cash flow backed by solid economic factors.I’m originally from Florida, but experienced the same issue after factoring in all the expenses.

Additionally, properties with high monthly costs struggle to compete with fee-simple homes, affecting resale value.

Additionally, young adults are living together with no intention of marriage.