With any ARM, you're betting rates won't increase, yes cash flow can be better, so long as rates remain stable, but if not, you can be underwater.

ARM's can make sense if you're a flipper where there is already a very short holding period and a significant holding risk because you're betting on the market being there when you sell.  

I bet the listing broker (who owns my office) a bottle of scotch that it wont sell for $40k or above.

Jay, I'll bet you could take a Newbie who is willing and able to work at it and show them The Way and make it relatively easy for them to get there, because you have, "been there and done that!"

Reusing it will save you money but you will need more than what you already have I bet. 

Community, local, and regional banks will be you best bet to avoid looking at your global cash flow.       

Greenville NC and Wilmington NC, both small cities with decent job markets, would be your best bets. 

I agree, Lawyers is investor friendly and your best bet.

What's my best bet for getting in to my next property?

I know its treated me well all these years and has led me to some pretty incredible financial adventures that wholesaling simply could not do.But if I lived in some of the rust belt markets or other markets were there are literally more homes than people to put in them. .I equate that as nothing more than being a used car salesmen.. price points are the same. style is the same.. once your done your done.Where real estate gets good is 10 to 15 years into it ALL of your business should come from referrals.. this simply will not happen in wholesaling.. wholesaling your just as good as the last sucker you talked into selling their house to you undermarket  :)