I'm not sure of the exact dollar amount, but I believe if the grantee quick claims the deed for under that amount you avoid the transfer tax.

Cash invested: $80,000 Acquired this property Sub-to as a quick flip with minimal repairs required.

You should be able to get a reasonable idea of the construction cost fairly quickly.

I have sat in on other 1031 Exchange presentations where a Qualified Intermediary has said you can refinance as quickly as it "takes to make a cup of coffee" after the purchase.

Another friend who invests heavily in Phoenix shared a story about her first deal there..she jumped too quickly into a duplex without adding a little cushion for those first-year capital improvements.

My target purchase price is ideally under $150k as my long term goal is to pay them off as quickly as possible.

If you want more info on Cleveland you should read The Ultimate Guide to Grading Cleveland Neighborhoods.

Some quick googling suggests the answer is yes provided I don't rent it out more than 180 days for the first year, do I understand correctly?

I think getting really good at one thing, establishing a network within that niche, and being able to analyze deals quickly is the key making things work.

Is there a funky property tax issue that arises with the collateral that is a local municipality error and can lender quickly analyze the situation, assess and articulate the risk and allow draws to carry on or will they make the life of the borrower miserable?