Or you can try James' approach to sell before the significant cap ex items but I suspect you will be selling at a price that reflects the impending coming costs.It is my belief that you have never calculated out your sustained maintenance/cap ex costs and truly believe this has positive cash flow.I am trying to provide some insight as to your view and to your situation. 

Gross rental income divided by 2 (50% op ex ratio) equals net operating income. 

as mentioned the most common way is you do a cash out refinance to buy an ex out of a property.

When including maintenance/cap ex, vacancy, pm, misc he will have little, and possibly negative, cash flow.if he invested almost $250k to add less than $150k of value (assume some of the current value came from the home appreciation), there is no cash flow until the initial negative equity position is recovered.  

A good broker should be able to tell you a range of rates given specific criteria if you can tell them what kind of deals you are exactly looking at (ex. in central Boston, 10-20 unit, 90%+ occupancy, 30% down).

How much cap ex is left to do and do you have to do any of it before a tenant moves in?

The properties themselves often have flaws and outstanding cap ex items that are wrongly ignored.  

By February, the median home value dropped 20 percent, bringing the price down to $560,000.TKL found there are now nearly 8,000 homes listed for sale in the Washington, DC metro area, and almost half of them have been put on the market in the last 30 days.The tax-collecting Internal Revenue Service is preparing to fire thousands of workers next week"***************************************************************************Comment: Save The IRS  - said no one, everIn the last year of our marriage my ex wife spent $150,000 on clothes.

If you're dead set on that path then I would recommend getting a google meet with the person and give them as many advantages they have to using you as opposed to a property manager ex: guaranteed rent, more exposure, and less fees (use chat GPT to get a good list).I would emphasize the fact that it is much easier to get rent, and there is less risk to them in the sense of cash flow.

In this instance, all properties involved in the exchange must qualify as an investment (ex. rental) or business-use property.2)  If the property is currently titled in the name of the trust, the trust would technically be the taxpayer/exchanger completing the exchange.