He also just released a book called Wealth without cash.

Same day auctions of course are not going to be possible for a lender to lend on the initial purchase but you can often get the same hard money purchase terms right after closing if you're able to buy in cash

So, no, during the year I owned it, it did not cash flow. 

Sara,I see this a lot and I always ask if you know you are going to refinance in the long run to consolidate the Heloc why not just do a Cash out refinance instead. 

This is why I prefer the cash-for-keys approach.

If you are paying cash for the STR this seems pretty easy. 

Personally, if I can hold with a little bit of cash flow but good upside appreciation over time I’d prefer to hold.

Understand how to "add value" to the property and evaluate cap rates, IRR, cash on cash returns. 

I use a spreadsheet I developed to determine my entry costs, carrying costs, cash flow, tax write offs, appreciation and exit costs.

The investor who bought this home owns an asset that is cash flow positive from day one and one that will benefit from all 5 profit centers of rental property investing for many years to come.