However, I am not sure how to approach the subject without making some stupid mistake.

This in conjunction with the DTI ratio brings the cashout amount lower than I'd like.I'm unfamiliar with the "subject to" process.

When asking a couple of title agents for a referral for a real estate attorney to assist with "Subject to" closings they both stated these deals can not be done if the existing loan is FHA or VA or any other gov loan.

I believe the value is higher than it was when we bought because of the rent increases and improvements we have made, but value can be subjective depending on the metric you are using (or more specifically what metric potential buyers would use), whether or not that be using comparable sales, cap rates, cash on cash return, the 1% rule, etc... 

@Maurice Lucas Jr it is somewhat subjective.

If it's turnkey, your general maintenance might be low, but your turnover costs in a lower-tier neighborhood are almost always higher, and more frequent, so if you're not including those in your maintenance numbers, consider that issue as well.Regardless of numbers, I pretty much always recommend that new investor stick to B-class props or higher - more stable tenant pool with more reliable income, no section 8 red tape, lower turnover, generally lower expenses.

The best way to find other places to invest is to think of places  where:1) you have friends and/or family that you'd travel to2) you'd like to frequently visit3) you'd like to reitreGenerate a list of several areas and then narrow down your search by doing the additional research on each area. 

I also increased Capex and put Property Management at 20% because the building is older and repairs may be more frequent and the PM will cost more than me doing it myself.

My capex and repairs are at 7% while property management is at 15% because it's an older home and repairs may be more frequent and PM will cost more than me doing it myself.

I’m going to keep searching for more information on the subject and I’ll let you guys know how my experience goes a few months from now once I get home.