My partner and I are quite frustrated... the onerate is barely covering anything (it has covered one bigger expense, so that is good).

If you have a high return on equity, then you are more likely to be making high revenue relative to your existing payment, which means you would be more able to cover the higher payment of a cash out refi and would then have cash to deploy. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I do not like this as obviously if a business account is only accumulating rent from 1 property, it wouldn't accrue the cash in each as quickly as it would if all of the rents were funneled into one account.. and it makes paying the bills a bit of a pain on each of the properties as I am having things done to the properties, lawn care, etc.. constantly has me making owner investment deposits into each to cover initial expenses associated with the properties.. etc. 

You must have money to service the debt on the property you do have, and to cover emergencies.  

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Quote from @Justin Brin:  I forgot to mention that the arbitrage renter is a very experience host with good reviews for many years and with a team in place.So if that arbitrager would pay me 25% over what I make with it as a STR, covers all repairs and maintenance, then maybe. 

As example, to cover how much of the proposed rental income from departing will be credited against those mortgage payments.

This may be covered under the loan contingency, but I'd put it in as extra. 

It wouldn't cover your mortgage, but you could add in your rent payment and then build equity.Here's some information to get you started.1.