And some places have hurricanes, tornadoes, hail the size of baseballs, sink holes, known foundation problems, harsh heat in the summer and severe cold in the winter - all increasing maintenance costs.

I come up with the following expenses:Mortgage Rate 4.75%Length of Mortgage in years 30Monthly Mortgage payment $129.11Taxes $47.33Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00Insurance $54.92Mgmt Fee $40.00Vacancy $30.00Total Expenses $451.36

If she can't afford heat, what makes you think she can afford repairs?

The rental market is supposed to heat up a lot.

Since I live in Miami & I am not familiar with heating systems, what electrical baseboard heating systems do you guys recommend that are cost effective & get the job done.

That's assuming you, as owner, are paying heat which is pretty typical here in this neck of the woods.You should calculate your actual cap rate based on actual expenses and using a realistic income figure for your owner occupied unit.I'm not a loan specialist but I would think any attempt to refi or strip assets based on the full potential of the buildings earnings would require you to have the unit rented.

Here are my expenses for year 1: Mortgage Rate 5.00% Length of Mortgage in years 30 Monthly Mortgage payment $3,105.78 Taxes $416.67 Sewer and Water $- Trash $- Heat/Utilities $- HOA $- Cap Ex and Ops $200.00 Insurance $266.67 Mgmt Fee $- Vacancy $207.00 Total Expenses $4,196.11 Years 2+: Mortgage Rate 5.00% Length of Mortgage in years 30 Monthly Mortgage payment $3,105.78 Taxes $416.67 Sewer and Water $- Trash $- Heat/Utilities $- HOA $- Cap Ex and Ops $200.00 Insurance $266.67 Mgmt Fee $600.00 Vacancy $360.00 Total Expenses $4,949.11

They apparently were going without heat for a time there ...

I did some research and found out that I should do a heat map too establish which zip codes in my area have the highest amount of cash transactions.

Concerns are: cracks in foundation, hot water (radiant) heat is suspect, electrical in each portion of the property needs to be redone, plaster ceiling in carriage house is crumbling at its center suggesting water damage to the roof.