@Isaac TerryIn terms of it being worthwhile, just like most other markets out of state if the barrier or entry is too high where you live, the landlord laws are not favorable where you live, and you are looking for positive cashflow then Cleveland can be a good option.

Our lender has informed us that we need 12 months of rental history to use the actual rent for financing purposes, or we must rely on the appraiser's fair market short term rental value.

(And I know a wrap probably isn't the first option many would choose, but I'm in Texas so its really my only option)

Look into all the options.  

However, if you want long-term stability and predictable payments, refinancing might be a better option, especially for larger projects.

I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in.

We have a few parks and we utilize both options.

Either way, $600 in cash flow should actually help your personal DTI if you go for conventional financing on a primary again. 

It works great for many people -- not me -- but it might be your best option considering your distance. 

I may specialize in VA loans, but I also offer a range a conventional, FHA, USDA and commercial lending options.