It's always the same story: the cat unit, the gasifier, the coker, or some other major component of the refinery went down and they can't produce product. 

And he should--anything bought in the 2011 to 2014 time frame should have produced some pretty outstanding returns given that rent growth in many markets (especially TX where it appears some of his investments have been located) has outpaced even the best forecasts, and cap rate compression has boggled the mind of many.I know that all of the assets I acquired during that period performed enormously well, throwing off actual IRRs between 28.7% and 63.3% for hold periods ranging from 21 months to five years.Even assets acquired in the 2014-2016 era have, in many cases, performed beyond imagination. 

Keep in mind if he has direct vent gas furnaces, they still produce condensation from combustion.

Purchase price: $165,000 Cash invested: $42,000 Sale price: $179,900 Purchased this home to short term rental to produce cash flow to buy our next investment property next year.

You know sometimes real estate does go down. it is more likely to go down in riskier neighborhoods that can produce 20% returns. 

I try to buy 125k properties for 100k and achieve $500 in positive cash flow so that even if rents went down and expenses went up I could still produce cash flow.

I hate to mention this, But I have to say, $200 cash flow before vacancies maintenance and capex means that property really is not going to produce positive cash flow.

However, until you've learned how to use that to produce profit, best to leave it where it is - in your home.You don't want to refinance.

It's producing $8,400 in gross rents (when it's not vacant.)

If a property can not produce acceptable cash flow ( $100+ /door /month) with a hypothetical 100% financing it is not a good investment.