Cap Rate, Cash On Cash Return, then IRR. 

Just wanted to mention that the cash out refinance funds are not tax free forever.

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

If you math it out it is probably unlikely that you will be cash flowing on a property that you are using 100% leverage on from a turnkey company.

You do have to purchase at least as much real estate as your net sale if you want to defer all tax.TICS are generally cash deals. 

I believe it is 27 years of depreciation that you hedge against any cash flow you received. 

Depending on the seller, you may sweeten the deal, by letting them know that they don't immediately need to cash out, or can partly cash out.

Cash flow has been hampered by an increase in cost of ownership recently, specifically insurance. 

The accountant would record it as of Jan and not Dec. 90% of the real estate investors are running cash-basis.

If the deal is right you can use hard/ private money to finance the home purchase and some or all of the repairs, then do a cash out refinance to pay off your hard/private money.