Remember, there's a difference between being truly poor and just being irresponsible or a liar.

Remember there's good risk and then there's bad risk.

Depending on your risk tolerance and skill level you may chose to:- Not cash out refinance as much to leave more cash flow or margin of error so your property still cash flows with enough to cover during rainy day (med risk - med leverage) ,- Refinance just enough to payoff the prior investor (least risk/lower leverage)- Or cash out as much as you can till the point your monthly cash flow is lower or near break even (max risk/max leverage), but ideally you bought so low that even if you get out the most allowable by conventional guidelines you'll still be cash flow positive each monthThe good part is the leverage were discussing is a 30 year fixed (if using agency financing) and predictable so you can focus on other variables.Good Luck~

Problem is that my ideal house is expensive because they are normally attached to a large house that a single person doesn’t need.

However, I remember someone was sort of detailing it in one of the recent podcasts.

Sometimes I need to remember the time frame between a signed contract and closing.

I'd start with your target property and then recognize what your ideal tenant is looking for in a rental.

Remember you don't have to own a property to control it.Good LuckPaul

Good to know about the emergency switchJust remember the "emergency heat is pure resistance electric heat .

Remember you don't have to own a property to control it.Good LuckPaul