That makes sense of course, and I provide them feedback on expense estimates and rental comps to estimate accurate rents.

Having tenants pay the bulk of your mortgage is a major expenses saved each month.   

If you're looking for basic income/expense tracking, I'd suggest checking out Stessa.

Does your projected cash flow include debt service and other expenses after the refinance? 

Tax benefits (depreciation and expenses) - this gives you more money near term by reducing taxes.Of the 4 I listed, 2 are money now, 2 are money later.

If expenses  increase, guess what?

EXPENSES AND CASH FLOW:Upon complete reimbursement of Party 1's invested capital, both parties shall equally split all expenses and cash flow related to the properties.5.

Read and familiarize yourself with these:Residential Rental PropertyBusiness ExpensesBusiness Use of your HomeTravel, Gift, and Car ExpensesSchedule E InstructionsPrimarily focus on "Residential Rental Property", "Business Expenses" and "Schedule E Instructions".

I would reexamine your transactions as there is probably more expenses available to you that can reduce your taxes.

This is a home that my family wants to live in, so we are okay with the repairs being more expensive then what would make sense for a property that is purely an investment property.