That's not the same as paying cash.According to a different post, your credit card debt costs you $600/month.

Even if I were found guilty, the cost would be in the thousands, not in the millions.

@Yooni Choi managing from out of state (OOS) with ZERO previous landlord experience - probably won't go well.You WILL make a lot of mistakes that will cost you money.

For cash-on-cash evaluation of rental properties, it is critical to identify ALL of  your acquisition costs. 

I have a LLC set up, and property management software ready to use.

Although the list may seem intensive, I look at it like this: The total cost of all these items can be much lower than the cost to repair a hidden surprise after purchasing a property to flip. 

A good friend of mine once dealt with a similar setup in Philly.. big steps, narrow frontage, and enough snow to give tenants an excuse to skip shoveling alltogether.

If rates dropped 1-2% on a $600,000 home, it would cost a buyer $3,400 a month.

Sometimes, buying an existing property can be more cost-effective and less time-consuming and maybe require slightly less permits, etc. 

Would you rather set it and forget it and not need to refi again or rather take advantage of low/no closing costs on this loan and plan to be more aggressive on your rate at the time of your refi?