How much cash have you put into the deal so far?

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Purchase price: $70,000 Cash invested: $60,000 Sale price: $70,000 Have under contract for $70K and will rehab.

Some markets are better for cash flow.

Hey Jaycee Greene,I Got the info on the cash refi.

And actually being cash positive instead of negative at least your post says your cash negative not making any money so you are eroding your cash by feeding these.. not to mention the incredible risk you take with remote rehab and the time involved ..

Today poor means negative cash flow.  

My concern is doing the cash out refi on my other rental and causing a new and much higher payment on it that I can't just pay off like a loan.

The accountant would record it as of Jan and not Dec. 90% of the real estate investors are running cash-basis.

Quote from @Ricardo Lemus: For a newer investor, a good investment is a property that pays for all expenses with some cash left over.