Second, what are the terms of the remaining mortgage? 

@Michael Zacharchukstart with a house hackand remember that the goal of a house hack is not to "cash flow" - it's just to pay a mortgage and build equity rather than rent

Thanks for the reply Jon, looks like I have to come up with the proper deductions in order to balance it out!

Traditional rental mortgage.

He used DPA, and he essentially has a small 2nd mortgage covering the cash he couldn't bring to the table. 

. :-) Yes, they can all be mitigated and dealt with, but it takes proper training.

Traditional rental mortgage.

I applied for a cash out refinance on my mortgage and was told I could not because the property is a duplex which I claim homestead.

If you google, "how much are closing costs" you'll get a result from Rocket Mortgage (most expensive lender) stating the fees could range from 3-6% of the property's value. 

Or if you buy a duplex, live in one side, and work the deal so the tenant is paying all or most of the mortgage (some circumstance like that).Buying a rental house (or 20) the right way, and renting them out forever is one of the best passive business models I’ve ever experienced.