But BEFORE you make that decision, you need to get with your experienced RE CPA to do a side by side and apples to apples comparison of your cash out refi, what investment you get using that cash (and the returns from it) vs selling this as your primary residence (since you lived there for 2 of the last 5 years) and have a $250k exemption to capital gains tax (as a single person) and $500k as a married couple.

End Goal - This is usually something like $10,000/Mo. income, in present value dollars.Time Frame - The shorter your time frame, the more initial capital and credit you will need.LocationLocation is the most important decision you will make, not the property.

We ran different interest rates and appraisal value in 5 years and it helped us with the decision process.

I am wanting to begin the process of building a rental portfolio and need to make a decision.   

I would try to connect with an investor in your area and they can help you come to a decision on whether it is a good long-term rental.

The brain makes 20,000 decisions a day, how many of those are conscious?

And although Im super hesitant to use this figure in my purchase decision, my realtor comp-ed them out at 750k ARV.Last Years Actual Rent Paid: 62,777 Last Years Gross Rent Billed: 109680 Pro Forma Rent: 110,000 - 140,000 based on minor improvements/cleanup and then rent increases/tenant removalPITI: 5500/month. (66000) P 1600 + I 1300 + T 2000 + I 400Expected Vacancy and unpaid: 15% (16500)Maintenance + Capital: 10% (11000)Net currently: -4000 Net Projected: 31,500Projected ConC: ~100% with 25k down and 6500 closing costs.Thank you for taking the time to look at these numbers.

While the above concerns are legitimate, there are some popular but unfounded generalizations about undocumented persons that a landlord can safely exclude from his or her rental decisions.

But I just cant find numbers to justify a decision to invest in it. 

It was my biggest mistake in hindsight, but it was still a great decision.