I've added a few things for very minimal cost that guests really love and increased revenue ~34% year over year.

You will have holding costs along the way with repairs, maintenance, taxes, etc.

I'm curious as to what cosmetic rehab you have to do that costs $27K? 

The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!

Depends on what you have in the deal and what it cost IMHO.$200 mo on a $150k house is ok I guess.... 

@Joseph BinkowskiDon’t forget that you can now be qualified as an accredited investor by passing the series 65 exam without any income or net worth requirements.It will cost you around $200 to $300 and will be valid for 2 years (unless you can park your license with a financial advisor firm, then it will last as long as you maintain it).It is not a difficult exam and you should be able to pass it with around 40 hours of self study with a good prep book or website.

Markets like Texas (San Antonio or Dallas) or North Carolina (Charlotte) could offer better cash flow with lower costs.

With insurance rates going up, best to find areas with the lowest operating cost.

@Jessica Seppo,Many people take the cost of an LLC and funnel it towards more insurance and an umbrella policy.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment.