You might just be putting your horse before your carriage (or however that saying goes)

Therefore, the Debt Service is a NON-Operating Expense which then is reflected in the cash flow.Anyway, I think I beat this horse to death.It's not the Property that Cash Flows, it's the Investor that Makes the property cash flow.Something to think about.

I personally would like to find buy and hold properties so i can quit shoeing horses.

So I'll get off my small horse and just say that "lots of people do it and it often works because they usually don't care"  isn't much of a defense if the lender does care and also that you now have a situation where the LENDER HAS CONTACTED YOUR ATTORNEY TO SAY DON'T DO THIS. 

Be aware it's a race to the bottom game because anytime there is a job request posted, especially the easy jobs (paint, interior trim, etc.), you will see a bunch of hungry wolves reply.

My understanding though is that there are states are referred to as "Race to the courthouse" states.

There is no race to the bottom.  

you seem to be putting the cart before the horse.

@Shane Malloy Baltimore continues to be the dark horse, and there are very interesting submarkets that are very strong in MD. 

Lender needs to verify that there is no 'rent to own' arrangement or anything else that could put some other claim to the property ahead of said mortgage (such as fair housing violation, etc, like if the current landlord ever told the tenant "no one of XYZ race can stay past 9 pm").