I would anticipate we have added $100-150k in value due to renovations and appreciation.

With this designation I personally anticipate, at the minimum, an increase in tourism and short-term rentals.

If you put 100% down, you have cash flow, but the % return will likely be low.So, as to your actual question - to me no cash flow would make sense if you have very good reason/s to expect good local appreciation in a reasonable amount of time, through imminent population growth, income growth, imminent path of progress, highly anticipated changes to an area affecting the demand of an area, etc.

I anticipate doing more work on the front end vetting and am willing to accept that. 

I'm glad to see your response because I was about to tag you into this thread and provide info on the rest of your experience on your latest project...From my understanding, any time an easy permit has been used, the contractors I have worked with Always anticipated to have Rough and Final inspections for any work that required a Licensed Contractor on the permit (i.e Electrician, Plumber, etc).

Lost money on many of them ultimately, made a little bit on a few, spent a TON of time on them all...way more than initially anticipated. 

For example when the bank CD and quality bond markets were paying 1% or less, inventors are happy to make 5% on a real estate investment (meaning paying so much for the property that their net anticipated return is only 5% of what they paid). 

I’m averaging about $260 for the last two months, and anticipate similar for this month with 2 trips booked already.

We are anticipating buying another property in the next few months (likely a conventional mortgage) and not sure if we do the streamline for our current property if this would mess up being able to qualify for a new mortgage for a new property shortly after?

“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves.” – Peter Lynch