I got all my money out with the cashout refinance and this is now my best cash-flowing asset.

You seem to be focused on cash flow based on the emphasis placed on the 10 Cap in your pos but you also describe the neighborhood as "shady" which I interpret to be a lower barrier/ at best "C" neighborhood.

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., tax savings) might be more important than immediate cash flow.

My concern is not being able to move out for 3-5 years for the property to be slightly cash flow positive.

Use it to see how much cash flow a property could generate.Market Research Mastermind: Become an expert on the area's rental rates, vacancy rates, and appreciation trends.Renovation Reality Check: Don't underestimate the cost of fixing up a property.Price is Eye-Catching, Value is KeySure, a low price tag might grab your attention, but remember, true success comes from finding properties with exceptional value.

I recommend starting with a turnkey cash flow rental.

Cash flow is hard to come by nowadays but the appreciation and overall return of properties in the areas mentioned above is top tier. 

Since it won't be cash flow in this condition and may run into loss it may offset my rental income but hoping to build equity and have another investment in my portfolio.What would you folks suggest?

Not necessarily for the cash flow, but to purchase it early while prices are suppressed and built equity to later use.