It's been less of an issue with my first two properties which cashflow at 3% interest rates, but the latest unit is cash flow negative on a 7% interest rate.

Hey @Dan ErmolovichSorry to hear you’re facing this challenge...evictions are one of the tougher aspects of real estate investing, and being out of state adds to the difficulty.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

yes, but it's much more difficult. you're just not going to cash flow after you refinance - you might even be slightly negative. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

Net migration is negative for a reason.

At the same time, they have heard from communities and citizens negatively impacted from STRs and want to "protect the sanctity and right of owners and residents" in their communities. 

A Plus, a neutral or maybe even a negative to some.

These details and the creative aspect of an STR seem like they will be an exciting avenue.