Purchase price 70k currently pulling 900 rent ARV 110 - 140k, rehab about 25k 

Unless y'all have an incredible W2 to help with the purchase, you will not find something that "works" in the Triangle and in a good/safe location.

The substitute of collateral was more of a scenario where you sold for $155K, and instead of paying off the $88K loan in your scenario, those funds stayed at the title company and were used on a cash purchase happening nearby in date. 

Hello,I am interested in purchasing a recently renovated $195K property as a 'secondary' home for the next 4 years to use as a future LTR.

One year after I used that property to pull a HELOC and this year used that money to purchase an off market 4 family property in Clinton for well under market value, which I just recently finished all of the repairs and upgrades on.

Other insights to be gleaned from the stats: Cash purchases dominate more than ever, representing over 62% of purchases.

You owe two taxes:A. capital gain tax on $150k ($500k sale - $350k purchase)  PLUSB. depreciation recapture on $100k of depreciation taken.Now, let's assume that you messed up somewhere along the way, and you only took $70k worth of depreciation instead of $100k.

The property is being purchased at 103 with an ARV of 375.

What this leads to is higher purchase prices but also higher rents in these areas. 

There are some amazing physician loans available that can allow you to purchase a owner occupied single family property with 0% down.