If so, does the rental income give you any extra cash flow, or at least cover the large majority of the mortgage/expenses?

Are there lenders for who allow me to do a cash out refinance for my fully paid 40k property?

If I cancel it now will I still get the full year I’ve paid for before I lose access?

You can potentially own the property with no out of pocket costs (rent covers expenses and then some) PLUS you get the added benefits of equity, appreciation, and continuous income from the rent/cash flow.  

I am currently using Zillow to screen tenants and had the application option turned on so I have candidates who paid $35.00 for the Zillow application fee.

My spouse sees the cash flow coming in but is also worried about the risks that come with it such as having a loan for a property rather than having it all cash/paid off.

FCI covers almost every state, are not overly expensive, but they are a big company and sometimes the different parties don't communicate well with each other.I have also used Allied and August servicing with good results.

If you go out and do a HELOC or a cash out refi or something you can extract some of that - but probably at a very expensive price with rates where they are at - to the point you would likely say it isn't worth it.  

Note they will cost around 35-40/mo so make sure you calculate that as part of what you actually earn as that is a seller expense (if it’s gonna be owner occupied property) - if it’s not then you could charge it to borrower

Rents are 8400 accounting for all expenses, vacancies, property management, etc.