@Mary Jay  one of the things that isn't emphasized enough is that when you buy with negative cash flow, you have to have the money to carry the property to your end game. 

Still have it, and one important lesson that may not be emphasized enough in this thread is a great property manager will make or break you, especially with an out-of-state rental. 

Yeah, if you've been a good borrower for a year and the LTV drops.However, banks can sell the debt (read the assignment clause in your mortgage) to whoever has the money and wants to service it.In any case, it's worth a call emphasizing your good performance and increased value of the property.

Emphasized security, security, security. 

Yes, they might be a little more expensive on first glance, but when you actually get to negotiating, you will deal with the lender and can see how much commission you find the broker deserves, and how much you can/want to afford.I have not done it yet, but for my upcoming deals out of state, I am planning to use the BP community to help me find brokers and banks in the markets I am interested in and begin working with them.I always emphasize building relationships first and then be fair and dependable and trustworthy in those relationships.

I want to emphasize the phrase "right situation". 

They just kept emphasizing how nice the new flooring was.

After refi....you'd have $534k equity in $2,136,000 of real estate....and your $200k cash back in hand.....then repeat for cycle 3,4,5....Other posts have emphasized the leverage is helping you grow faster, and there are taxable income differences if you have deductible loan interest.Now, what if your local market experiences a few percent of appreciation per year?

Thank you for replying and emphasizing it so I know that it's not just me thinking this part is one of the more vital ones. 

I recently attended a Visit Orlando market outlook presentation and they emphasized that Orlando is still the most visited destination in the US.