If you can shorten the window on the cash out refinance to the next purchase/refinance the rate is not really a factor.

With that being said, the interest rate is going to be the single biggest determining factor for whether you're barely breaking even, or seeing a decent monthly cash flow.

Quote from @Paul Ladendorf: Quote from @Henry Lazerow: A big factor is also who you have do repairs.

You’re absolutely right—speed is such a critical factor in securing deals, especially in a competitive market.

It's just not the reality.I don't know your wife's income so it's hard to know what you need to replace in order to let her retire but if you think you'll get her retired in the next year or 2....you will have a 99% chance of being let down.Becoming financially free, or not needing a 2 income household comes down to 2 simple factors.

One thing to consider is that in terms of wealth building and Kiyosaki's Cashflow Quadrant, owing a rental and doing work yourself is putting you in the self-employed quadrant, not Business Owner or Investor.I think there are a lot of factors stacked against California for long term rentals, and I think you know it too! 

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

One of the biggest factors at play right now is data transparency among lenders, we can see a lot of the industry-wide trends.

- Depends on a variety of factors Also, as a real estate investor, can I write off 100% of the education travel for real estate, such as the Bigger Pockets Cancun conference?