Next you go buy a multi-family in one of the areas you mentioned (Assuming average $200K/unit and 4 units, which seems on the light side, $800K purchase price, $160K downpayment) which would leave you with $160K in cash. - The problem I see here is that I highly doubt you would receive cash flow in this scenario.  

It is a fairly low income area. while the area is rough, its actually on the much nicer side of town, not that it really helps, as I mentioned I'm viewing the property this week and plan on doing some more thorough neighborhood recon.

As mentioned previously, all expenses directly related to a specific property to include mortgage interest and depreciation are taken on Schedule E for that property. 

If I can’t get out of it easily, it needs to cash flow more and get the higher end of coc return on the ranges mentioned above.

You didn't mention what you were looking to buy but If you are looking to buy a rental just make sure your numbers work if rent prices decrease. 

When dealing with condos just make sure the HOA is well managed as previously mentioned.

I don't even mention Section 8 in my ads, even thought I target it for certain properties.

@Nathan G.Nathan,I dont feel I"m being raked over the coals... i didnt get the damn keys and those things mentioned in your post were all requested... rent.. deposit... lease (there wasn't a lease), etc.

You may already know this, but it bears mentioning...if you refi with a conventional loan, i believe that'd require 20% down.

There are a few townships around Charlotte, like Mint Hill...that will appreciate a little bit more (most are already overpriced)But for the reasons you mentioned, I would stick to driving distance of CharlotteGastonia, Monroe and Concord are three cities within driving distance of Charlotte.