After looking at some info on cash out refinancing, I am now considering this as it would be a strong rental in a great area.My situation:This would be my 3rd  buy and hold...1 rental, 1 rv storage yard and this property.I have used a heloc for the 20% on each property but now if I hold this one traditionally my cash would not be enough to do another deal.I have flipped 1 house earlier this year with the intention of doing a few more to draw the heloc down to nothing by end of next year.If I do a cash out on this one I may not be able to pull all of my initial 20%/rehab out, but would be covering the notes/expenses and cash flowing some each month with a long term asset.

Just FYI, the cash reserves ($2500) is low indeed, but that's for our company, not our personal lives and expenses.

You will be having a parent as a guarantor and it is their credit score you check not the student.As far as your credit score requireent is concerned 600 is probably OK for  C class neighbourhood but if your property is B or better 600 is far too low.

Appraisal is the wild card and honestly not many ways around it other then a good agent...and even then can be hard.Catch the wrong appraiser on a bad day at worst your screwed at low price or beat case you challenge it and win...but this still takes time.Remove the appraisal and you have much more control of the situation but lack a lot of the lending options...But 30 day can still be done and is done often (and runs concurrently with inspection so assuming you get past that).

Selling low and buying high never works, same goes with real estate.

but with minimum wages increasing and cost of production increasing, there will be a point where machines will cost less than human, and when that point hits... then yeah all the low income class jobs are going to get replaced by machines. 

Interested to see if there are any local self-storage investors here?

I am looking at a property (triplex) in a B- neighborhood with very good schools around and very low crime. 

@David Harley I agree with Heath you are low on your expenses. $812/month for rent in that area also seems a tad bit steep, unless they are extremely nice units.

I also recommend reading Brandon Turner's book (buying rental properties with no and low money down), and just continue to save as much as possible.