The refinance would increase the mortgage every month, but I have room to work with on the property so it would still be running cash flow positive.  

Can I get a traditional mortgage with this?

I'm thinking the purchase price would be around $400k and will finance via a 30 year mortgage. 

Gas is the big one; some states allow cheaper types of flexible lines where others are much more strict.

Recent Bigger Pockets episode motivated me to reach out to US Bank about their mortgages and loan products. 

@Michael S. if you are going to hold the property will you get an investor mortgage when it is all done?

My question is who pays the mortgage now?

With expenses + capex + property management, a mortgage equal to rent will simply never cashflow in the short term. 

Looking ahead to rehab work, and after doing my research for mortgage financing etc, amongst many requirements, but one in particular, i was told in order for me to get a mortgage for my investment properties, which will belong to my LLC, i would have to have the deeds in my possession to the properties seasoned for at least 6 months before being considered.

But wait there is more: depreciation can help offset other income from other properties not to mention your tenants are paying off your mortgage.