I believe they start in the high 9's currently. you wont get to your $20k out of pocket target on this scenario specifically, but the point is, there are some lenders which will work with out of the box deal structure (for a premium).

This means more depreciation will go forward in your 1031 and you will increase your depreciation allowance.But if you sell for less and let them do the repairs then you are reducing the gain and the reinvestment targets for your 1031 exchange. 

***the current median home price in my immediate target area is $1m + , I have been driving a good distance to show "affordable" homes in the 6-700k range , most of our decent condo's are $500k+ with a average $350permo hoa

In my research I've seen that I should target at a minimum a 10% CoC return after accounting for PM (10%), Reserves (5%), Repairs (7%), and Vacancy (3%). 

Do they want longer term holds, targeting cash flow or appreciation?

Target re-fi within 6 months3.

I'm keeping my fingers crossed in a big way that the Melody Parks development on the far east side will include major retailers like Target etc. 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Hey Anne, I'd suggest you do some research on the MTR rental rates and vacancy rates in your target area and understand the costs involved in renovations, financing and property management.

So depending what future holds for California, and whether you target appreciation or cash flow, select your locations.