The Price to Rent ratio seems to be favorable for the Houston area unless I am misunderstanding.

I've also read that it's smart to be very detailed in the contract, to avoid misunderstandings later. 

@Baris Berk Lots of people have hindsight bias exacerbated by a misunderstanding of the 2008 Financial Crisis that drive them to expect when RE prices get to high the bottom drops out everywhere. 2008 was a credit bubble that drove a Real Estate bubble.

In which case I think cap rate and cash on cash return are the same if I'm not misunderstanding. 

Am I misunderstanding you or Julie when I conclude that even if I have ten mortgages in my name, I can still JV if someone else gets the mortgage?

I think all of you arguing that 2% is impossible because of capEx and repairs, and PM, etc are misunderstanding the rule.

Am I misunderstanding that?

Am I misunderstanding a nuance in this scenario?

OK you have some misunderstandings. 

[Sorry if I'm misunderstanding any of this].But it does make me curious - is the purpose of your proposed refinance mainly just to start the clock ticking again for ANOTHER thirty years?