I wouldn't recommend buying all cash if you can avoid it.

Cash invested: $40,000 This is an STR that you can review on AirBnB What made you interested in investing in this type of deal?

At least I have 6 months to find a nice place and can jump on it with cash. 

But you don't invest for the first 6 months when you lose money, but you invest for 3, 5, 10 years down the road when you are selling it, pulling equity, or you are getting $800/month cash flow because the market is up again and inflation is up.

I am assuming it would need to be purchased cash then repaired then refinanced. 

It is very high chance that I will be negative cash flow due to increase property insurance and HOA. 

And they will take 725k in cash if you pay for the closing and commissions... 

Akron can be a great market for cash-flow if you get in at the right price, and have a solid PM.

(Can I use the estimated cash flow of the house as proof of income for mortgage applications?)

You will want to hold enough cash that you can cover a move out without having to redeem the CD early