The FHA loan has MIP for the life of the loan, so I would stick with your current loan unless interest rates drop lower.Cash flow equals your monthly gross rent, minus expenses (taxes, insurance, repairs, etc) and minus debt service.

The 1% rule where the total monthly rent is equal to 1% of the property purchase value has come up frequently as a useful way to quickly analyse if a property is a sensible investment that may cash flow. 

How much money is coming in (Gross) minus How much money is going out (Expenses) equals NET profit. 

A lot of rental investors shoot for the monthly lease to equal 1% of their property price.

@Brett Baginski if you're using the HELOC as the down payment, you'll have to be able to add enough value to where 80% of the new value is equal to your original purchase price.HELOCS work great for BRRRRs, but not as well for conventional purchases, because then you need to account for that payment in your calculations and you lose the ability to use it over and over.

Not all brokers are created equal. 

They do not care the form of the debt, it just must be equal or greater than the previous debt. 

Pay her through escrow a sum that clears the backlog plus whatever she needs to move out, pay a monthly lease equal to her combined payments on all debt and include that you have the right to do the rehab.

In a way, I am just trying to prevent myself from forgetting something small that is vital for my guest. 

The LLC consists of two equal partners, and both of these properties were purchased in opportunity zones.