Too much is on the Personal side, Schedule A and creates the DTI ratio - - yes by all means manage that.The income property on Schedule E is a wash (debt is covered by receipts), carries net income back to the 1040, but does not contribute to the DTI - -So use as much OPM as you can get to preserve cash.

The main reason you should consider refinancing is to get rid of PMI which is an expense you do not want to carry long term.With that being said, if you find a great property and it cashflow's even with PMI I would say it is worth making the purchase.

Hey Jon great asking questions on here, remember the only STUPID questions are the ones never asked..The cash out refi programs are leveraging 70-75% of the appraised value so when you are finished with rehabyou will open it back up with title to have the property refinanced with a lender at which time you will pay between 400-700 dollars for a 3rd party non affiliated appraisal company to appraise your property (always run tight comps, if the house is brick and 2 story then find other houses that are the same in the same area that have sold within 6 months if you dont have access to good comps ask 3 different realtors to run CMAs on your property and get the avg and multiply that average by 90%)once your property is appraised you will go to close with the adjusted amount from lender to meet the qualifying coveragefor instanceyou are ALL IN for 120k (also include all carry and closing costs) and you find a lender that will cash out refinance (or not cash out different states have different % lending stipulations) at 75% LTV your property gets APPRAISED at 150k that means the lender will lend you 75% of that number which is 113kso you will NEED to to come out of pocket to finance the difference of 113k and 120k plus closing costs in orderto keep the property. 

The real value play is in the additional land and the car wash carries the land and adds a little bit of profit a month.

Hoping some Tenant Cloud users can comment -I listed 2 properties through TenantCloud a month or so ago and the property description I wrote carries over to all the marketing websites (zillow,hotpads, ect).The last 2 properties I listed the description is not carrying over to any marketing sites.

House3 carries its own mortgage for the remaining balance $21,500. 

@Alex Marquez, try finding a seller who is willing to do seller carry back.

Delta's warranty is not as long, but most big-box and hardware stores carry replacement parts for them - sometimes you even have the choice of a genuine Delta part or a cheaper knockoff.If the faucet itself is OK, and just the handles are messed up, you should be able to find some "generic" replacement handles at the big-box store or hardware store.  

That will reduce your carrying costs significantly.

Your advice goes a long way.Starting from scratch here, but I have a bounty of enthusiasm and carry plenty of hard work around with me.Bigger Pockets is helping me plan for my first success.