I’ve done multiple years of investing while having a full time non real estate related job. 

Failure to have funds for maintenance results in maintenance not being done and that leads to problems like structural issues.

We live in 1 unit and will rent the others.The issue at hand is that one tenant has/had a verbal contract with the previous landlord (they are family). 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Issue is that if I refi at 175k value I will be way into the negative cashflow, like a couple hundred dollars per month negative.

I can't speak for any other Lenders, but my outfit would not have any issues with this. 

Paying 2.4% for total closing costs (which include title search, title insurance, all attorney doc prep and recording fees) seems very reasonable given the relatively low $ purchase price.

If tax returns and DTI is an issue look at private institutional lending. 

Rise48 is issuing a K-1 and the requisite accounting fees that go along with that, and then Spark will have to take that K-1 and split it apart to get to you, another set of accounting fees each year.  

I’ve thought about helocs but the only issue is finding a home that I could purchase with the heloc money.