Refinancing resets that ratio back in favor of the lender. 100 doors acquired through refinancing, may not equate to a half doz doors with end of life or no mortgages. 

We have some companies we work with now that are on res.net, equator, exceleras.

You're not counting fake expenses that you can just remove from the equation are you? 

Same latitude South of the Equator as Tampa is North of the Equator.

Typically, the research tells us, that a high quality real estate agent that really knows what they are doing will add more to the equation than they cost.

If negative CF, then use 1B instead).1B - If you have negative CF, then take the cash spent at the start + (# of years you will be living there x annual negative CF while you're living there).2A:  (Goes with 1A) - How much cash you spent at the start - (annual CF x # of years you will live there)                                                                                                            Annual CF per year when you're not living there                                           2B:  (Goes with 1B) -                                       $ #### from 1B                                                                                                         annual CF during the years when you're not living thereThe answers to the above equations gives you how many years it will take you before you get your cash (what you actually paid for the property) back, and then start making a profit.                                                 

Even if I know what rents I'm going to get I still need to estimate the cap rate to determine the value, cap rate is based on purchase so how does that equation work?

Even if I know what rents I'm going to get I still need to estimate the cap rate to determine the value, cap rate is based on purchase so how does that equation work?

The houses needed ~$100,000 in improvements to bring the rents up.A local commercial bank was willing to lend 85% loan-to-cost (LTC) of the purchase and rehab which equated to $442,000 at 4.25% interest.

I avoid condos for this reason personally, but I've had clients on the other side of the equation who were violating rental restrictions that they either didn't know about or didn't think were being enforced.