Here's the numbers:Single family house in NE San Antonio. 1,456 square feet, 3 bed 2.5 bathPurchase price: $105,000Rehab; $20,000Hard money loan: $112,500Cash out of pocket (From HUD stmt):$12,500 (down payment)$2,250 (points)$385 (lender fees)$892.50 (title fees)$1,320 (insurance)-$2,001.34 (credit for unpaid taxes)Total: $15,346.16Actual rehab cost: $19,678.12Hold time until rehab and refinance complete: 98 daysInterest expense: $3,020.55Refinance loan terms: 30 year adjustable rate mortgage at 5.75% interest fixed for 5 years at 85% LTV and 1 point.Appraised value: $164,500Cash-out refi amount: $139,825Cash back in my pocket after lender fees, title fees, down payment, interest expense, insurance, etc are all accounted for: $5,389.50Now the place is rented for $1,200 a month and I figure I'll pocket about $200-$300 a month after expenses and mortgage payments and in the end, no money tied up in the deal!

The property is located in NE TN.

I have been treading slowly in regards to syndication etc...Right now I have 109 front doors in 7 apartment complexes and 7 single family in NE Ohio. 

My wife and I both work full time W2 jobs in NE TN.

My first house was 2648 Hayes St Ne.  

I've determined from REI friends that are investing in northern Colorado (Windsor area) that this market is not where I'd like to start since they are primarily focusing on appreciation returns and not passive income.I've looked at areas out-of-state (NE Ohio, Missouri, TX, FL) to start but that's about it.

I've determined from REI friends that are investing in northern Colorado (Windsor area) that this market is not where I'd like to start since they are primarily focusing on appreciation returns and not passive income.I've looked at areas out-of-state (NE Ohio, Missouri, TX, FL) to start but that's about it.

I'm in NE Oklahoma.

I'm located in Nebraska, where if they decide not to pay their bill the city can place a lien on the home. 

I've also gotten in house appraisals from some of the local banks, Union Bank and Trust and Cattle Bank here in Nebraska when I was shopping around.