Can’t have your cake and eat it too!

Or eat it. 

@Spencer Zeff meant to add one of my favorite quotes “pigs get fat and hogs get slaughtered”

A $15k property is going to need significant work in order to make it habitable AND to avoid long term problems (some rehabbers just do the absolute bare minimum but that inevitably leads to significant repair and maintenance costs in the long run that eat up your cash flow and then some.)

.#3 If I felt like they were paying other things, such as shopping or eating out, before rent I would evict them immediately. 

They will eat into your profit.  

If you do a cash out refi, your new loan repayment is going to eat into the cash flow for either property.

Hi Nick, thanks for the reply.I'm afraid there isn't much more fat to trim off this place.

If this is a D-class property in Cleveland, the cost of turnovers and vacancies may eat up any potential profit.

Hey BP community - planning a trip down to Houston in the coming weeks - Would love to grab coffee, a bite to eat, or a drink with anyone involved down there!