@Devon ShivesFrom my experience, If you're considering a cash-out refinance, negotiate for a smaller amount to keep the increase in your mortgage payment manageable.

Now my question is; is ~$2450 rent enough to cover mortgage of $320,000?

If this sounds interesting to you, we could discuss further in a private setting.

Both hold their own mortgages which is very convenient as well. 

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

Hoping that each of them produce $1500 in rent, I’d like to get $3,000 total which would be enough to cover my mortgage. 

Have a deal or private money.

I'd make sure you have enough money from a job to pay the mortgage if you don't have renters for some time. 

They snuck under the rules by claiming that private individuals had the right to offer other private individuals the service.So again, how do these cities get away with regulating people's abilities to rent their homes on a short term basis? 

@Aloysius Martis I just sent you a private message but I live in Wake Forest and work with Apple Realty where we manage around 600 properties.