My question is based on the following:lets say you put down 20% on 300K property which is 60k (plus closing costs ) and you are breaking even with you mortgage + other expenses(taxes ,management fees,...) included.

Is is a cash deal or will it be mortgaged ?

Townhome cost about $250/mo (mortgage, tax, insurance,) less. 

In the deed of trust or mortgage you place a “substitution of collateral” clause2.

My mortgage is 2.8k and it would rent for 2.8-3k a month on LTR.

But online listings show there are thousands more out there — which seem to be unauthorized. 

There are specific online sites that list for this subgroup of tenants.

Factor in at least 40-50% of rents going to operating expenses.Financing: 30-year mortgages will have lower monthly payments than 15-year loans, increasing cash flow.

I paid $90,000 cash so there is no mortgage (my mother in law passed away, she had no mortgage and I bought my brother in law out). 

Marshall Reddick Mortgage 2.