You can eliminate the need for a full size oven and running that larger 220V cable by using a convection microwave (one that bakes).

@Rafael Hernandez If you're using a mortgage product that requires owner occupancy, don't abuse that.

There are a lot of moving parts, in comparison to the "set it and forget it" model of using a PM to rent out long term. 

If not, would you recommend using a local credit union/bank for a cash out refi over a national lender?

Consider using a company like Evolve vacation rentals, or implement software like Guesty and push your listings to multiple market places (This admittedly takes a ton of work to do right and learn the systems)Although I have not implemented this idea quite yet, several of my units are now in the same condo complex.

So not only are they using a program but it's making it's calculations based on time delayed info.

I have a property I'm selling where the buyer has agreed to pay $25k above what it was last appraised for 2 mos. ago when another buyer was purchasing using a conventional loan.

Using a security for the last mo is a common practice among renters and from what I understand the court will support their position.I will get last month's rent upfront.

You can finance up to the original purchased price + closings costs/prepays on the new loan, capped at no more than 70% of the new appraisal.http://www.biggerpockets.com/forums/49/topics/71009-conventional-mtg-delayed-financing-rule-successHave you called ALL your area banks and CU's to determine if anyone will do a cash-out refi portfolio loan (in-house loan that they hold on their books) using a new appraisal with no (or minimal) ownership seasoning requirements.As far as secondary market loans (Fannie/Freddie, ie. the 30 year fixed stuff): Citimortgage has no minimum loan size, for one, though most originators certainly do set a minimum.Local banks do not make portfolio loans for 30 year fixed, whether it's owner-occ or non owner-occ.

I don't think the current owner is using a professional manager, but I also don't think I'm smart enough to do it on my own the first time.