The refinance step is where you pull out this equity, typically in the form of a cash-out refinance.Here’s how it works:You refinance the property at its new appraised value (after rehab and renting).You take out a new loan based on that increased value, ideally for the full amount or more than what you originally paid for the property.The goal is to pull out enough money to cover the cost of the original purchase and rehab (or even more, depending on the property’s appreciation).This allows you to recover your initial investment, which can then be used to buy your next property.5.

. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

You take that best guide as a base and put your own spin on it but make sure you don't copy proprietary content or do plagiarism.

I was asking with the assumption that I can at least manage the property myself, but based on the documentation they provided it seems like not if I don't have a broker license myself... 

Only place I felt "safe" in CA was on base.

Tiertiary markets can get you to 1% rules on paper but then it'll all be based on demand and tenant class.

The cash on cash return is only meaningful when you evaluate it based on your long term plans.

Mortgages are evenly loaded with interest based on the principal owed.

Without a firm base and working familiarity with these three areas the investor will not have the knowledge to analyze, negotiate and close advantageous real estate transactions. 2- Experience - the first few deals are likely to be smaller, harder, with more “surprises” and not as profitable as the investor imagined.

Based on that, do you anticipate increasing or decreasing your investments?