We purchased with a conventional loan, 10% down payment:Purchase Price: $405,000Closing/Fees/Misc: $12,500Repairs: $85,000ARV: $575,000I was hoping for rates to come down some in the next year and refinance out with a 75-80% LTV.

You might find a HML hard money lender that may offer this but your going to pay a ridiculous rate and points/fee's.  

HI @Jacob KazmierskiI would suggest saving a certian % you fee comfortable with and then put the rest into a high yield savings account.

Hi BP -What's the best HELOC rate I could expect with no closing costs and no fees assuming perfect credit?

Flat Fee buyer agency to reduce acquisition costs (get ~2% of the sales price back), and flat fee MLS listing to reduce selling costs to ~$500.

Just keep in mind that condos still have HOA rules and fees, which can sometimes limit rental options or add extra costs.

And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

Like you mentioned, there are lot fees that need to be paid monthly.

Quote from @Jinglei Shen: I am building my investment portfolio(duplex) in Ohio Cleveland, a few properties i have analyzed  with net cashflow  around $100 to $290 here is one deal I am analyzingDuplex generates $1590 income /month together,purchase price $123,000rate 7.5%, downpayment 25%5% vacancy, 10% mgm fee, $1400/year insurance,10% capex, 5% maintenance,COC is 8.73%monthly net cash $277this deal meets1% rule, bring in positive cash, my question is it in normal range in Ohio Cleveland market? 

The annual cost of doing my LLC in WY is usually $200, less than my checking account fees.