He gave me the owner's number (Jeff) and I called him on the spot, hoping to be able to offer my services to help him find and sell more homes in the neighborhood.

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

It's much easier to unwind a fee for service relationship than it is a partnership.  

I'm looking to not only share my experiences but also offer my services to those who might need them.

We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.

I'm assuming you are arriving at your cash flow number by applying Gross income - cap ex, maintenance, utilities, vacancy, tax, insurance, mgt, landscape/snow & Debt service?

I would also look at the availability of public water and public sewer, if not at the site how far away are those services.

I am not a tax professional trying to sell you my services I am simply providing my perspective. 

Key items to rehab on the second home to bring the property value up for the refi, determining which lenders/servicing companies will be favorable, Identifying good properties to invest in altogether.

The general rule of thumb when using debt is to ensure that whatever asset you buy with the debt should make more than the debt service.