My first rental, and I will have a very small cash flow (Thanks to high rates and high prices, but I took the plunge and decided to get into it anyways to build long run wealth).

I have a friend who is an airline stewardess, they rent the house and  share a bunk room.Obviously you need to be somewhere close to an airport. that said, You can find sfh that have great cash flow without the headache of sharing rooms.

For a lot of fixer upper homes, my offer, using an renovation loan, often loses out to lower offer cash buyers. 

But if we have to invest around 500k SF in Milwaukee, the dilemma is that that's the starting condo 2/1 price too in bay area ; also in Hawaii I could have cash-flowing 2/1 STR.In summary the dilemma right now is:1. if we continue invest in highest CF in OOS, the replacement cost is 3 times the FMV.

In all seriousness, there should be some wash out during the course of your build. 

We have around $300k in principal left, and I was thinking about a cash out refinance. 

Before I build of course, I want to make sure it's worth it - I want to make sure the cash flow and equity will be worth the investment. 

It generally all comes out in the wash. 

Ended up getting the property back and sold for a wash.

The Five C's of Credit: https://www.score.org/sewisconsin/resource/eguide/five-cs-creditCredit affects just about everything we do In life, Unless paying Cash ..