As a PMC we have had to cut ties with owners who were engaging in gross negligent behavior. 

I know this is pretty conservative approach, but some of this is tied to our spiritual beliefs on interest and leverage.

A big part of my success was building good ties with brokers.

Don't get me wrong, I love HELOCs, and I have used it to grow, but I have liquid asset NOT tied to debt for reserves.

Interestingly, someone posted FL law today that states that using option or purchase contracts to tie up a property and that don't involve "significant" consideration are considered as brokering without a license.  

The $100,000 increments are so you don’t tie up the full $1mm on say a $700k deal.  

I think you would want your family to have access to money as well since there are payments due and a lot of money might be tied up in probate (this could create an issue) - life insurance and/or a shared business account could allow for payments to be made until the regular accounts are easily accessible 

@Chris Baek Chicago is a fantastic market, especially if you have ties to the area.

Or 740k with 1031 exchanges but not everyone wants to tie up their money again.On top of that, you're negative because you only put down 5% and $900-1000 in rents back then wouldn't cover you.

That would tie up too much of my capital on my first deal.