You can do this as a rate and term refinance with no cash out, or a cash out refinance. 

I also suggest you post your listing to "Short Term Rental Listing Advice" on Facebook and let them give you more feedback as well.  

Overpromising and under-delivering in terms of expectations at times.

It is surprisingly easy to manage out of state and if you want more tips on how, check out Bigger Pockets book "30 Day Stay" on Mid Term Rentals. 

If appreciation and scalability are your long-term goals, consider house hacking or saving for a bigger market later.

Initially, the properties that I buy in another market don't have to cash flow a lot, my metric is $150, as I'm focused on the long term gain when they're paid off  and I have a W2 and am also a realtor.

The platform's main focus is processing mortgage documents in their raw form to extract specific financing terms for all properties in the city.

This could have long-term repercussions if done wrong in year one.

So the question is whether your house is a good rental investment long term.

Quote from @Patrick Druryck Drury: @Srikanth Kumar200-250k is a reasonable price range in Cleveland for something that cashflows. in terms of areasI would recommend being in areas on the West Side of Cleveland like West Blvd, Cudell, Old Brooklyn, Clark Fulton, Edgewater, Jefferson, and Brooklyn Centre.