If you expect to be in this business for a while, my recomendation is to learn some of the basics of contract law. 

Expect to be able to refi at 8 year mark and payoff the 25% loan.  

Definitely don't expect 20%, think 30-40% down payment.

But overall feedback is better than I expected. 

I expected to pay the first month rent to get a new tenant but when it’s just admin work of sending the existing tenant basically the same lease and getting them to sign it, I can’t justify anything more than a nominal amount, especially when I’m paying them 8-10% each month to manage the property.

Do not expect an easy time or ideal terms on a cash out refinance if the property is not occupied and cashflowing.  

We are expecting to rent that place for around 5-6K monthly, so it will be a higher end rental. 

@Joe Splitrock @Jay Hinrichs agreed our cycles have moved longer than expected on this one due to unfeathered intervention by central banks, we are moving back into the non- bank underwriting more than 40% of new mortgages  from 10% in 2009.

As you expect, I will recommend talking to a retirement expert - like @Dmitriy Fomichenko or @Brian Eastman.

I lived next to a triplex that the landlord expects tenants to handle snow, garbage etc.