On a cursory review, it appears that your cost of debt exceeds your capitalization rate, suggesting negative cash flow.

Or perhaps a foreclosure HUD is selling on hudhomestore dot com.On 203k you can buy with 3.50% down and get a seller credit for up to 6% of the sale price toward all closing costs and some of it can be used to buy the interest rate lower as well.

To mitigate this, I've devised a plan that involves leveraging my primary residence.I've been residing in my current home for the past five years, which I secured at a very favorable interest rate.

How can i see what rates are from investment property purchases? 

Should multi-family investors be scared of interest rates?

So yes, its very possible to use a conventional loan to buy an investment property...but you aren't going to get owner occupant rates/terms.

You can use this to:* See how your listing is doing over time* Compare your listing vs your competition - daily rate - occupancy, etc.* And for low performing properties one of the features i really like is you can make a change to your listing - lets say update the property description, log it, then see if this makes any chances in your placement.I'm not affiliated with them but think its a great tool to turn around poor performing properties - assuming the STR is competitive compared to your competition.I agree with Henry that you can probably do better self-managing IF you have the time and appetite for dealing with guests and learning the dos and don't....Heres is the turnaround of one of our Floridas STR that was lagging - now back to near the top on the first page.  

As for the electric heating bill baseboard electric is expensive and I know RI energy jacked their rates so you can't be much different.

Hey guys, im located in Phx,az and would like to invest on my first property here, I would like to know what are my options, I am self employed and bring in about $4k a month (mostly cash )no paper work to trace my earnings (im in the car selling business)  , experian score 630  1 delinquent acct but it was paid off many years ago, Ideally i would like to put down $10k to $15k tops, what interest rate do you all think im looking at.

@Vy Lewelcome. i'd read this:https://www.biggerpockets.com/forums/48/topics/1159104-overl...it's gotten especially challenging to invest OOS with prices AND interest rates both so high.