. $600 a month is $7,200 a year in lost income.

You should focus on the fees the lender controls (origination charges and the fees you cannot shop for).

Hopefully you realize that is a rent controlled property (state rent control law). 

My husband is self employed as a pest control salesman, so we get paid as a 1099 contractor instead of receiving a W-2.

Giving them the second cash offer takes this power away from them, makes them more confident in your abilities, and makes them feel still in control by having two options to choose from. 

If you don't have your expenses under control, nothing else is going to matter.

the good thing is you said this is more because of meaning then it is money. more likely than not this will be a decent size lost. 

Hello Memphis BP, I just wanted to share that I finally completed my first BRRR deal sorta.Purchase Price: 76k (I bought this property from a rehabber in 2019)Purchase Method: CashMonthly Rent: $1,150Appraisal: 190kCash out Refi 120k (minus 7k for closing cost plus points) cash in hand was roughly 113What I learned during the process: Important to show income on your taxes I have a W2 so not having my properties on my personal w2 did not kill me but if you're a full time investor trying to not pay taxes or showing properties as a lost may hurt you when trying to refi. 

The hope with that one was to both control the neighborhood and to make a little money, it's doing very well also. 

And which tenant will control the thermostat.