I gave myself a set salary, kept minimum reserves, and let the company start financially sustaining itself.The company cashflowed, property values significantly rose (along with rents), and I recently purchased my third SFH with no mortgage.

I gather from your comments that you intend to hold this property, so that "appreciation"(used loosely) won't be realized in a sale price and a 70% refinance (assuming your ARV is close to accurate) won't even get your whole down payment back out of the deal, let alone repair costs.Final thought: If you have to include tax savings and loan pay-down, and exclude PM expenses and reserves to make the numbers look better, it's too thin. 

It's going to come down to you, your assets/liabilities, income, reserves, credit, etc.

Cash Flow is insane at over $700 per month after all expenses and reserves. 

Yinan,As Joel mentioned, you need to have money to play in the commercial arena. 10% reserve is normal.

So let's say you do raise rents to $750 like you believe you can (and do check Rentometer to confirm) you're indirectly eliminating the water bill.

I've went ahead and made a reservation at Uotora Honten (魚寅本店) on the 29th of this month (October, 2015) at 7:00 pm under the reservation name "Tateyama"Here's the link to the venue (In Japanese): http://tabelog.com/kanagawa/A1401/A140101/14006982...The easiest way to get there is to take the Northwest exit from Yokohama station.

If you have a good amount of cash reserves, you will find an partner / investor faster. 

Nine of which are vacation rentals in which no one but I, handle all aspects for renting, collection of rents, reservations, contact after they arrive, etc.....

About furnaces and expenditures, I look at the prospect as an experiment by which I could build in an exit clause to the deal, but if it works, I will have small but welcome passive revenue and accumulate the differential towards a reserve repair fund.