After looking at some info on cash out refinancing, I am now considering this as it would be a strong rental in a great area.My situation:This would be my 3rd  buy and hold...1 rental, 1 rv storage yard and this property.I have used a heloc for the 20% on each property but now if I hold this one traditionally my cash would not be enough to do another deal.I have flipped 1 house earlier this year with the intention of doing a few more to draw the heloc down to nothing by end of next year.If I do a cash out on this one I may not be able to pull all of my initial 20%/rehab out, but would be covering the notes/expenses and cash flowing some each month with a long term asset.

We don't anticipate having any emergencies with our rental properties that aren't covered by insurance and would cost more than $2500, but if we did, we'd chip in from our personal funds and cover it.

Someone else might have enough WFC that they collect more than enough in just dividends to cover their expenses, and they would laugh at your headache-laden RE investments, which they could never scale big enough fast enough to cover their expenses, whereas the click of a button get's them plenty of dividend income to live off very comfortably while compounding the rest. 

Someone else mows your lawn, fixes or replaces your appliances, removes snow, takes care of the roof, fixes plumbing and electrical issues, the list goes on. 

The roof is in good shape.

-does that say the roof is 20 yrs old?

Inspection came back and I estimate $15k repairs (which includes $5k for two trees to be removed hanging over the roof, and $5k for a back deck that is wood leading to concrete stairs - terrible construction).

When it comes to the skilled trades (plumbing, HVAC, electrical), I’ve got my bases covered.

(before inspections of dirt work i.e. ground cover inspection, rough plumbing/electrical, framing/structural, HVAC, and so on.

It was bought at asking price, no "as-is" clause, and does have a warranty provided by the seller but I don't think that covers water damage.