@Nicholas Fitzgerald, my only concern is that you might be underestimating repairs and capex reserves, which you have combined at about $2000/year.

Once your score is above 740 you will qualify for the best the rate/points combination (conventional Fannie/Freddie mortgage)

cash out refi per home tends to be expensive in terms of fees and I absolutely hate fees.If I can combine the loans and keep the principal and interest payments the same and free up 500,000 to $600,000 I can grow at my pace ....I love the fact if you have a line you’re not paying on it until you deploy the money versus cash out refi you’re paying for the money while you look for the next deal...

We are talking about a combined total of about $60K in commissions amonst both properties and that is money that will come out my family's pocket. 

Or combine the two models -- I have a client who closed earlier this year in Westminster on a remodeled home around $375k.

Generally, I'd want a separate LLC for investing versus trying to combine the two.

Combined that's $1500 which is the major source of your negative cash flow.

There are many married couples who make over $400k combined...and have a 50+% income tax rate (37% federal + 8.55% FICA + state). 

There are options to get funding to combine with your HML/Mortgage lender to 100% fund your deal, even in situations with partners with bad credit. 

You could do this by saving all the cash flow from the first property and saving from your other income as well and combining that to purchase the next and so on.