Since the account is linked to your mortgage, overspending can increase mortgage balances instead of paying them down.

Some PM will also pay the mortgage on your behalf or I set it up that I pay the mortgage after I get the remaining rent. 

I found a buyer for my home, got a payoff statement from the mortgage company stating the payoff was $247,000 (principal at $233,000 + fees and charges), the buyer was willing to pay $271,000.

actual mortgage, actual taxes, actual insurance, actual capex.with that said it will probably be closer to the 50% rule than using teeny tiny percentages for vacancy, repairs, capex, etc.

it typically takes a few years just to recover the closing costs. those are the types of things that get sugarcoated / ignored and they shouldn't be.3 separate recent sources show that it is cheaper to rent than buy at high LTV in virtually every market.  

I'm trying to figure out if I can get the consistency in MTR for the price I need to cover the mortgage. 

We are planning to finance with a second mortgage and will use the property on occasion but would also like to generate an income and/or offset the mortgage.

My first rental has over 100k equity and the rent is almost double the debt payment (I've got a really great mortgage from 2020 so it cashflows very well).

You might also consider lenders like Velocity Mortgage or LendingOne, which cater to real estate investors.

Mortgage broker.