My concern is doing the cash out refi on my other rental and causing a new and much higher payment on it that I can't just pay off like a loan.

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

I am considering buying the property in cash then hiring Servpro to fix the cigarette damage.

I'm open to properties were cap rate is around 10%+ and Return on Cash is 10%-20%. 

As long as the property cash flows, that's what is mainly needed. 

I'm struggling because the first 3 homes I bought were homerun off market deals 3-4 years ago w/ great cash flow and appreciation. 

@Cosmo DePinto,I’ve seen investors do great in Huntsville—let me share a few detailsIn short, yes—it’s arguably one of the strongest markets in Alabama for a balance between cash flow and appreciation.

Any laws against repaying the loan in stocks instead of actual cash?

That means paying all cash isn’t an option unless you plan to bring another $600k to the table. . 

If you care just about positive cash flow (and you don't care about population growth, macroeconomics, or appreciation), definitely go with Cleveland.