@Josh Mac are they wifi or cell phone based? 

Do you have every potential renter complete this or only select one renter based off the pre-screening process?

.- The MTR strategy is great and you have the advantage of listing it with multiple different platforms.  3/2 will attract a certain type of of MTR client, one that travels with families most likley or displaced families, so your pool of applicants may be a little limited- If the long term play is appreciation, than breaking even sounds good.

And again, this is my market and area of town, but tenants like the character of the older home with the tall base boards, hardwood floors, arched doorways between rooms, etc.  

In the meantime, offer based on what the tenants are paying now.

I highly recommend letting the attorney prepare the operating agrement based on questions they present you rather than have them mark up your version.

You should look to have a base of cash flow before you are financially stable enough to be in low/negative cash flow markets like California.

Assuming the property value has remained stable or appreciated, when you refinance, the lender will assess the current loan-to-value ratio (LTV) based on a new appraisal.

@Ketra King - we're also based in the ATL. 

With what you're trying to do I definitely recommend speaking to an agent that is familiar with what you're trying to do as well as a financial planner THAT ACTUALLY DOES FINANCIAL PLANNING.You'll come to find that most financial planners are 100% commission based life insurance agents disguising themselves as a financial planner lol.Good luck!