Between appreciation, loan buy down, and cash flow, you may exceed that $3,500 in cash flow. 

It's worth weighing the pros and cons to make sure it fits with your overall strategy.

to do the cash out refi, for conventional loans like Fannie?

Purchase price: $735,000 Cash invested: $1,060,000 Sale price: $2,825,000 Single Family Home New Construction project in Sherman Oaks.

Let's say you want to stay conservative and only take 50% LTV, or $500,000.00, so that you don't have to sell anything in case of a market correction and there's a margin call.Step 2:  Purchase a rental property, all-cash, with that $500,000. 

Save cash and look for a deal the second you turn 18.

Syndicators are "being conservative" and underwriting to 2-5% year 1 cash on cash returns.  

They do use leverage in acquisitions (like all real estate syndicators I'm aware of) but their properties are bought with retained cash equity of 20+%. 

Everything I’ve read says that anything over 1% difference on a refi makes it worth it.

Certain organizations such as the AICPA and the State board that issues the CPA license mention what a CPA can / can't do to retain his / her license.Providing a comfort letter is an 'attest service'.Furthermore, CPA firms are encouraged to have insurance, which may mention that the firm can not provide comfort letters.What the mortgage company is looking to do is potentially have another person to go after if the mortgage goes south.It is not worth it to a CPA to get a few hundred dollars but potentially get a lot more in risk exposure.