@Jonathan Bombaci properties will oftentimes have upfront capital expenditures that need to be taken care of that don't necessarily add a substantial amount to the bottomline. 

A few that come to mind immediately are security deposit holding and refund procedures, non payment of rent, advertising, capital expenditures (planning and executing), vendor management (license, insurance, etc), owner distributions (granted it is to yourself but will you operate it separately or commingle with your personal finances), after hours emergencies.

Only the reserves for Capex should be included as part of the operating costs but not the actual expenditures themselves.

@Jeremy Woods Get a good counselor.

But when I get a turnover, eviction, or capital expenditure that cash flow got destroyed.Honestly, appreciation way way beats cash flow.   

"in the multitude of counselors.. is wisdom"Cheers-

We could've gotten properties without pools in them and had less expenditures cutting into our monthly cash flow.

The capital expenditures and maintenance alone would probably be more than your current net cash flow, even if you completely renovate everything.

I’ve done it myself before and don’t have a lot of complaints.Refinancing can definitely be useful in lowering your payments and increasing cash flow, but it also means you might not have your property paid off free and clear for another 30 years since most refinanced loans restart the payment clock all over again…not to mention the costly fees it takes once you commit fully to going through the refinancing process.As you probably know, those fees add up quickly which means it will take even longer for you to recover the entire expenditure and make refinancing worth all the cost and trouble you’ll go through to get it.

Like wanting to sell a property in a declining area, in an HOA, that is coming up on 80K in capital expenditures, etc.