I have found it is beneficial to rent your smaller homes with the program and your larger homes (same number of bedrooms) in the private market.

(I have $80K left on mortgage)My newest property, I bought this year for $125K, I put $60K into it but with a HML, so cash out of pocket was about $20K, I just refinanced it and am putting up for rent for $1800, my PITI is $1600.

Just note that if you want to put the property into an LLC and have a mortgage on it, you will need to talk with your provider to see if this is possible without refinancing.

I can only come out of pocket to cover mortgage so long.  

Also, you will likely only be able to use the rent to offset the mortgage pmt debt on the rental property to $0 since you dont have any Sched E history yet. 

By the time you factor in insurance and any cap ex....it's already a loser...even if you aren't carrying a mortgage.  

We've built, ground-up, several homes and my mortgage company finances tons of new construction projects.

Also the home is a subject to, where we are paying the remaining 3% mortgage, so a full refi would not be a great answer either. 

Of course there is upside to this as I can charge more rent but the property being vacant for two months also is it going to cost me around $1200 in mortgage payments as well.Another unit of mine unexpectedly went vacant beginning of the New Year.

Assuming that your taxes and insurance are around $500 and your mortgage was $1,000 per month - even if you got a rate around 7-7.5% and had no money down I do nto see this property cashflowing.