Given that this property is so cheap I fear it would eat up a very large % of the sale price.

But in a reverse, the Intermediary takes title to the new property as what is called the Exchange Accommodating Title Holder (EAT).  

If your thoughts are to break the current mortgage, you will have a penalty to pay out on top of the mortgage balance which will eat a little or a lot into the capital you pull out (depending on the terms of your present financing).For a residential property, when you do refinance, the lender is going to look at you in pretty much the same manner as when you applied for the initial financing.  

I just dont want that PMI and higher monthly payments to eat in on my cashflow for life. haha

The same reason some people don't eat pork, or beef.

If not, I see the maintenance eating up any profit you might make and maybe more. 

How do I know and do I just eat up all these costs?

How do I know and do I just eat up all these costs?

Be careful investing in condos as the hoa fees can eat up your monthly cash flow quickly.

There is Dollywood, The Island, several campgrounds, anything you want to eat, many hotels, etc...