You pay back the principal in a balloon payment at the end of the loan's term. 

Principal+Interest Other Monthly Expenses = $515.32 $182 - 7% vacancy$108.33 - 5% Maintenance$108.33 - 5% Cap Ex$116.66 - Water/Sewer (only utility I pay)Total Monthly Expenses $1703.06 Cash Flow = $2600-$1703.06=$896.94This is for self management (w/ PM it would be closer to $650 CF).   

I love the 1st day of every month because I am paid twice / once in cash flow and next in principal reduction as we have anywhere from 6-13 years remaining on our loans. 2 questions for your situation:1.)

Although it varies by price range and rent amounts, typically expenses for a landlord are 50% or rent - not including principal and interest payments. 

Rent and paid down the principal so you have 20% equity and refi. 

The cost is $269, and you have (2) mandatory courses to take (Real Estate Principals + Real Estate Practice), plus (1) course you can choose (Appraisal, Finance, or Legal Aspects).

Don't let your principal address get in the way of your investing is probably good advice.

Using this type of financing with a 30 year loan will result in a very slow accumulation of equity from paying down principal.

Considering my car loan and personal loan are through a credit union that does not charge compound monthly interest on principal liek typical car loans .

Regardless of whether the tenant pays the rent or not, you will still need to pay your mortgage, and yes, you will need to break the payments down into principal (liability), interest (expense), escrow (bank or other asset), etc. as these have different accounting and tax treatments.