@Tom Mitchell how often is the property being rented and what are the cost associated with the property? 

It covers the structure, the liability associated with renting to long term tenants, lost rental income if there were to be a total loss or uninhabitable and personal property (appliances are considered personal property and are not automatically covered unless you add coverage).

Hello everyone I'm new here , and looking to start my journey in being a wholesaler with the best investors in the market. I have the knowledge to help find the best deals. 

The property pays for itself - this included all fees associated excluding paying myself for property management. 

I am not suggesting everyone who owns investment real estate should have an LLC, but everyone who owns investment real estate should be able to afford the costs associated with setting up and maintaining an LLC.  

With most 90% LTV loans, there are significant cash outlays that are the borrower's responsibility outside of the funded loan amount including closing costs, carrying costs, contingencies that arise and of course costs associated with selling the real estate. 

On top of that, condo associations often have rules or restrictions that can limit what you can do with the property.

I generally  want to beat the stock market considering the risks associated with real estate, so giving an average of 7% appreciation of the broad U.S. stock market, I would like to reach at least 10-15% return on the cash that I invest, maybe even more (this is all assuming I am in an appreciating market).

Now I fear the extract via refi will be cash negative and have the costs associated with the refi.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).