Don’t forget heloc, DSCR, 2nd on primary, borrow from retirement accounts, credit card cash advance, property reserves, home improvement store credit, etc etc.

Using mortgage debt at 6-7% on a refinance to pay off higher rate debt such as a credit card at 15-25% is a savings!

A grand negative cash flow is not the issue.

I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

Are you open to out of state investments?

It all evens out.

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

Cash on cash describes how much cash a rental property is putting in your pocket on an annual basis divided by the cash you took out of your pocket to buy it. 

I threw it into the cash flow calculator and it said it would either even out or it willl have a monthly cash flow of around 300$.

I've been buying SFH's out of state all cash as long term hold rentals.