WE are cash flowing in current state ~$1,500/month after we renewed 2 of the 3 tenants on long term leases during due diligence.

I hesitate to use the term "slum lord" but the conditions some of these residents are living with are not healthy. 

They are easy to get started with an the support has been OK compared to others  I am going to jump in here for few questions.Does it make sense to buy RE in retirement account(401K) as the tax benefit and write off are not similarly applicable as outside of 401K?

Add all adults to the lease and make them 100% liable for all terms and conditions, regardless of who is paying.You can create a new lease, but adding tenants can be as simple as having them sign the existing one or typing up a short addendum.

Hello Joe,Congratulations on your purchases, if you are ever looking for a DSCR loan, please let me know, we do rental loans down to 1.1x and up to 75% LTV on a cash out refinance, or 80% LTV on a rate and term refinance.  

Downpay private lender 20k and have him hold the note (just like a bank would) and you pay interest (agreed upon amount) usually higher than 5% considering it's a small term loan per month until property is sold. 

I'm a new investor in Seattle and have been analyzing flips, short-term, and long-term rentals using Dealcheck and some proformas that local agents and investors have sent me.

I also have a Facebook group I created called "Coachella Valley Short Term Rental Owners" in case you are interested.

That said, there are huge benefits if you commit to it and get creative.

Chetan,A cash out refinance will not necessarily kill your cash flow or at least not for the long term.