My plan is to buy the house subject to their existing mortgage, renovate the property, refinance it and pay off their remaining loan balance using the money from the cash out refinance.

What you’re suggesting is not cash flow, it’s return of principle, giving her her own money back  If she sells with your deal.

I suggest 6 months of expenses to keep in cash.

Even the funding alone is easier since you now have a cash flowing property that can help you fund your seed money faster. 

In a market like this you will get in the way of obvious appreciation.Then you can look for a deal that cash flows in your favorite market market. 

Starting with a turnkey cash flow rental is what I recommend for newbies!

I made a few deals in North Dallas.Special assessments and HOA fees are a risk and renting out a condo most likely won't generate much of a cash flow.At $300k with you credit and saving you can still qualified for a loan for sure we have to find the program that works for you.On that budget you could find a nice place no that far from work so you don't have to move far to the suburbs. 

Purchase price: $560,000 Cash invested: $60,000 I thank the dog next door for leading to this purchase.

Finally from a purely from a cash outlay prospective short term, you could rent a house with roommates and your payment would still probably be Lower than house hacking because rates are so high, over the long period 5-10 years obviously it would cheaper ti buy, hope that makes sense 

It cuts turnover and keeps cash flow steady, softening the blow of review volatility.