There are variables, however. 

I know these things are highly variable, but even just a rough example scenario would be helpful to wrap my head around it! 

What can cause an issue is if your current employment includes variable income, such as commission, overtime and bonuses that you are using to qualify for the mortgage.

Remember though, helocs are variable rate debt (I believe) and if rates start to climb that debt will start to hurt.2. what's your timeline to pick up the investment....remember it will take about a month to get the equity cash out loan done so if you wait till you find the deal to start the refi, you may have a problem.3.

There’s no universal standard since it relies on two main variables–your investing objectives and current market conditions.Some key factors influencing a good cap rate include:/ Property location/ Building condition/ Asset type (class A, B, C)/ Overall real estate market dynamicsTaking these into account helps set realistic cap rate expectations, but historically, rates between 4-10% are often seen as solid.Of course, a “good” cap rate for you might fall outside that range based on your investing goals and the specific property/market, so don’t get hung up on chasing a specific cap rate number.What is a good cap rate for your market?

For Task Management, if you don't like Hospitable's built-in tool, keep a simple log in Google Sheets with formatting variables -- for example, Air Filters haven't been changed in 3 months?

Are there any other variables that can effect the appraisal of commercial property such as property condition ect?

@Joseph Palladini There are a lot of variables that will need to be considered.

My experience is that I can rent a two bed/one bath upstairs apt for $650/month.Mortgage - $300 (assumption is conventional loan...this is variable)Maintenance - $32.5 (5%)Management - $65 (10%)Property Tax - $50Total Expenses - 447.5Net - $252.5Quite honestly, I think I could make these numbers look better (refinance my duplex and get cash out for much less for example), but I'm curious what others think.I should probably state that my goals for right now are horizontal income without too much work.

Sure, take 10,000 homes bought by investors, and do regression analysis that gives me an indication of variables that are common, like geographic area, home value, home owner's age, income level, political persuasion, gender, ethnicity, or anything else!