As far as cash flow is concerned, that is a mathematical equation that can be easily manipulated.  

Now, we're being told that natural disasters should be included in the equation somehow, which is ABSOLUTELY RIDICULOUS!

Obviously, it's much more than that, but these equations and formulas already exist, and have been used by countless others to evaluate deals... so there's no need to reinvent the wheel, simply to learn the approach that works and continue with it until you understand it on a deeper level.

On principle I agree with their sentiments but feel they a missing a huge part of the equation.

Lenders like a seasoning period with rentals, which usually equates to 6-12 months before refinance 

What is generally equated in the real estate terms as 'old man real estate'.If you want to take the risk you are still young and using leverage will boost you up to that next level with all the equity you have.

So if you are buying for cash flow, make sure to factor maintenance, sundry expenses including management and other fees, not just acquisition costs into the equation.

Essentially is as follows:New Lease Fee (one month’s rent) + Expected Missed Rent + “Refresh” Cash(Refresh Cash = the amount out of pocket to prepare the property for new tenants, after tenant deposit is spent)It looks like this:(A/B)+(A*C / B)+(D/B)Where:A = New lease fee (1 month's rent) ($1,000)B = # of Months in lease (24)C = Expected # of months vacant in-between tenants (1.5)D = “Refresh” Cash ($500)In this example:($1,000/24) + ($1,000 * 1.5 / 24) + ($500/24)Which is:41.67 + 62.5 + 21 = $125 which is 13% of monthly rent in this scenarioThe equation allows me to make a judgement call in many different scenarios.

I noticed you listed $200 for property management which equates to 2% of gross rent.

What side of the equation do you want to be on?