Luckily, Fayetteville is non-rural, so there's a good chance the Lender will find sufficient comparables to warrant a strong value.Regarding the seasoning period to show NOI for a cash-out refinance, the Lenders I've encountered typically compare what the rents collected are vs market rents, and usually go off of the lesser of the two.

Considering Orlando but am unsure what the rental market is like for single family homes in the $5K-$6K/mo range (purchase price $1mm+).

To echo much of what has been shared, I'd start by narrowing in on a strategy, location (town/neighborhoods), property type, and price range. 

I think they might be more in the 2-3% range, so I would assume $4-6k in fees including loan fees, titling fees, etc...- Property taxes look low, but check to ensure they align with the area.- For vacancy, I would use 5% if it's a multifamily (2-4 unit) property or 10% if it's a one unit property. 

They range in size from 400-700 sq ft.

See the image below for the range of skills you need to succeed.If you select a city that conforms to all the criteria I listed and found a good local investment team, you should do well.

If you get outside of any metro a bit you can find a house in the $200-300k range but the hard part will be finding something that's not in terrible shape or a mobile home with a few acres of land.

Gives you a little cushion and long range perspective. 

Most of the properties are lower 600's and rents range from 2500 - 2800$.

In smaller cities the top notch properties will be in the 6 range.