If you don't have the funds to advertise it will be more difficult but no immpossible.

One plus there is when we get difficult guests (which is not often) we at least get to say goodbye after a few days! 

Many are increasingly using AirBNB's nascent corporate program as a way to outsource the management.

If you have no problem doing the cash out refi on the primary, then doing a cash out on a free and clear rental should not be any more difficult.

It will be extremely difficult otherwise.

the biggest issues are that the available tenant base drops dramatically around October and doesn't pick up again till the end of the school year.People are no different than animals in that regard.They want to be settled and hunkered down in a property before the school year and/or bad weather starts.Quality tenants with good financial backgrounds don't want to move their families in the middle of an icy,snowy winter for obvious reasons,and good college students have already started school in August.Many of the few available tenants will have questionable backgrounds like recent job loss,previous eviction,bad credit,difficult income verification and don't make 3 times the rent,criminal records,etc.   

Getting someone else to give you there house so you can profit from it is a difficult task, but a couple points you can make to sellers, depending on their situation, to help them see your point of view and want to do the deal are:- Earn Hassle Free Profits- Get Multiple Pay Days- Sell your house with No Commissions- Rent your house Without being a LandlordThis all stems from the strategy of the Seller receiving an upfront Option Payment, Monthly Rent Payments to cover their PITI, and Profits when the property Sells.  

If it doesn't then there is room to bill back water and increase market rent leaving decent upside.

I have found it to be difficult to work all week and then get excited about spending my nights and weekends working another job.  

The outstanding mortgage with interest is $175,000.I have been considering offering 100-125k for the building, but without a tenant upstairs, this only increases my costs --- at least for the next four years.