In the end my buddy and I nearly broke even after we included the monthly payments that we collected.

@Mike Sferayou got some great responses to this including from @Kevin Sobilo and @Bill B.there is no right answer to this question.right now, i am looking to minimize outlays on rental properties, and am having success with seller financing. 

If you borrow against the equity, you'll need to include that payment in your calculation, as well.You make 3x the average income for Pennsylvania at the age of 32.

Not sure if you're still looking for help since this was 3 months ago.You could include something in the provisions regarding maintenance in your rental agreement.

My goals include cash flow and appreciation and I realized there were other properties that better align with what I am trying to accomplish.

Many lenders include a prepayment penalty  that lasts 3-5 years, which could limit your ability to refinance again if rates drop in the future. 

I am interested to get feedback from certified appraisers on whether a cabin on leased forest service land would be a comp for a cabin that includes ownership of the land.

Hey Elizabeth - I'd factor in about $10k to get a padsplit up and running when it comes to furnishing which would include washer / dryer, additional fridge, bedding/desks, common area furnishings if you want to offer a little better experience.I'm only familiar with ATL - I think accounting for 1 move in / 1 move out per month is a good conservative assumption here.$8kish / year or so on routine and reactive maintenance combined which should include your cleanings, lawn care, maintenance calls ect. 12% per month of gross rents should be a good estimate if you want to look at it like that!

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He finished the kitchen demo and removing all the carpet including the tack strips.