An extra $85/mo was scheduled to come out of my pocket (and out of my cashflow!).

After the purchase last year, I do not have extra cash laying around so lately I have been researching lenders and ways to access funding.

And the best kicker is that the owner is willing to finance it with 15% down and 6% interest, which is better than any bank.So, I'll go ahead and use the formula mentioned to see what the worst case scenario would be:$800/mo x 10 homes = $96,000/year-50% Vacancy and or expenses = $48,000/year-$1900/month mortgage = $23,000/year-$250/month water = $3000/year-$110/month trash = $1320/year-$1943/year property taxes per-$1800/year insurance-----------------------------------+$96,000 Income-$48,000 vacancy/repairs-$23,000 mortgage-$3,000 water-$1320 trash-$1943 property taxes-$1800 insurance-----------------$16,937 Net Operating Income @ 50% expense/vacancyWe would have an extra $19,200 if we can keep it at 30% which we're hoping/expecting to be at on the second year after doing some improvements and getting everything rentedWe also believe this can make us look good with the bank for owning property and having cashflow to be able to get another bigger loan in the future.

What do you charge for extra deposit and pet rent?

Lowest balance card gets all the extra cash you can muster to throw at it.

For a short period like 5 years, it's hard to imagine the HELOC being more costly than the cash-out refi, except that it is a low HELOC balance (at least out in my area), and they may charge you extra on the rate.

Please let me know if you need any extra info from me for your buyers list.  

I'd take $241 in extra cash flow any day.

I am also open minded for a condo of it doesn't have HOA :) My goal is: my tenant(s) payment rent will cover my mortgage and property tax and being some extra cash each month if I can.

Bring extra compact bulbs (there are always burned out bulbs!)