If your goal is day-one cash flow, the current high interest rates will make it very difficult.

He can't 'buy her out' as he does not have that much cash liquid.

Personally, I'd cash-out refinance into a 30 or 15 year loan.

Purchase price: $265,000 Cash invested: $200,000 1930’s historic home with a converted garage.

$10K seems like a nice, round number...Finally, if you have $250K in cash, I would not put it all into a single property / single dealHope this helps... happy to help further

It's important to follow your state’s tenant/landlord laws and maintain a record of any essential notices given.

I'm terrified of doing all this research, finding a "dream" property, only for it to fail and negative cash flow. 

This could turn a potential loss into positive cash flow while protecting your property’s value.

If you're willing and able, I do recommend the "house hacking" strategy which is just a fancy name for buying a rental property and living in one of the units, because you'll get very favorable financing - an owner-occupied fixed-rate 30-year mortgage.I'd also say, analyze that property as if you won't live there and it's a pure rental, and make sure the property is still cash flow positive if there's a tenant in your unit because then you'll know if it's actually a good investment.And when you analyze it, include payment of a property manager in your #s because if you don't, and doing so would make it go cash flow negative, then you've just bought yourself a job because you literally can't step away from managing it without losing money.

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?