@Kevin Hintz It's property dependent, obviously, but last year, I sold one a street back from the beach that they're cash flowing.

Thanks for the feedback; some quick stats: 9 doors across 4 states, about 50% LTV ratio with a Net Income of about 17% and cash on cash of about 3%.....in fairness those numbers include some overall business expenses not tied directly to one specific property.

Sadly, it seems that cash flow on long term rentals with 20% down just does not exist in most desirable locations.

Cap Rate, Cash On Cash Return, then IRR. 

I have the ability to put 25% down or more to increase cash flow.

Just wanted to mention that the cash out refinance funds are not tax free forever.

I think there's a path to refinance that would flip me into positive cash flow, but I'm coming up short on ideas. 

This negative position can consume years of cash flow to recover.

Would a cash out refi be under commercial terms since the property(s) are under LLC?

First time investor, looking for cash flow.2.