This open concept home includes designer styled kitchen with custom cabinets, granite counter tops, stainless steel appliances including a stainless steel farmhouse sink, vented hood system, and a stunning glass tile back splash.

So I suspect this is actually closer to over $1000 a month negative.  

I would say it is on life support because after refi the negative cash flow necessitates extra reserves.

Cash flow is negative, but virtually all MLS purchases in non-desert heat southern CA are cash flow negative and this has less negative cash flow than virtually all non-desert heat MLS southern CA properties. 

Great concept.

@Jason MerglI would either sell and do a 1031 or I wouldn’t do anything- yes you have untapped equity but your borrowing rate is going to be greater than the cap rate so you will have negative leverage.

You can made money anywhere even counties with no growth even negative growth, but its easier where there is growth.

if the question is - should you get started by putting 20-30% down and be negative for several years hoping rents will go up? 

Knowing that I qualify and knowing how to properly record are different concepts though aren’t they?

Other turnkey companies I've researched I am able to find many positive or negative experiences.