In this later scenario, you need all cash, just the same as if you were doing this old school style at the courthouse steps. 

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

I'd keep the rental and by no means refinance it to take cash out. 

I My goal is to have a cash flow. 

. 😂 Cash for keys can be done in an afternoon. 

So that the tenant rent is providing a larger amount of return of capital. 

Purchase price: $3,636,000 Cash invested: $700,000 This is a brand new 40 home build to rent manufactured housing community.

If it pays for itself, it provides you with a "free" place to live during the off-season.

Generally I'm a fan of hold until you die but in this case you are earning low cash flow on a large amount of equity.