Instead of jumping into an expensive Long Island market with negative cash flow, consider investing in a Texas market like San Antonio, Houston, or DFW suburbs—these areas offer strong rental demand, lower property taxes than NY, and better cash flow potential.

Has anyone found a way to refinance and get cash out for a rate better than 7%?

They would not fund the entire purchase but would do more than $30k of it etc. 

Mid term is primarily what I had in mind: short and event rentals will be more hassle than I'd want to deal with. 

If the property is an ugly duckling from the street than an improvement to the front of the property, porch, landscaping or concrete may greatly enhance its value.

Hopefully in a positive and helpful manner rather than judging and criticizing like some, which thankfully is pretty rare. 

As you look to scale, just make sure to hold/build reserves for when repairs come up and take your time screening tenants as you will find a vacant unit is much less stressful than dealing with a bad tenant.

@Frankie Lotrec Frankly I’ve found my commercial loans to be easier than my residential ones.

That seems to be harder in Cleveland than in our other markets.  

It was all really quick, and the time to complete everything happened a lot faster than I expected (which was a good thing).I was worried at first that I had to use all the partners that Rent to Retirement had, but it was really easy for me to shop around for different lenders with different terms and rates, insurance providers, and property management company.