No more paperwork needed?

. :)@Roy N. and @Jim Gramata are choosing the best path: no more security deposits. 

Once you break ground you're a builder and you've got inventory - no more 1031.

Mail in check - if they have a bounced check, no more personal checks only cashier's checks or money orders to a P.O.

My budget is no more than $1000 per month initially.

I would say no more than $25,000 in to get rent of $600/month, and if I'd be all in at $45,000 I'd expect to get at least $900/month. 

Back of the envelope tells me that I’d be around 58% LTV and I’d then have access to $263k in equity.Our goal is to buy, fix and flip--no more condo conversions in the near future--and we want to access this equity to do so.

@Sean Cavanaugh In general, it looks as though you are still paying the price for having such large borrowings on a house that might still be on their books as valued no more than you owe (you might consider yourself lucky there, because many of those that did the same as you went bankrupt as soon as the GFC kicked in and the banks called in those loans).

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