Most people buying in Charlotte proper are either buying with heavy rehab or building on land. 

Further, I think you're saying the original owner also signed a modification raising the 1st mortgage balance without any notice to you, adding $25,000 to the cost you'll have to cover to obtain the home yourself in foreclosure? 

How much is too much leverage? What's a smart approach to using debt in a positive way and not negative. I'm completely debt free and looking at purchasing my first rental property. Trying to figure out how much debt ...

If property management is a secondary thought, you run the risk having a company not acting ethically, legally or properly licensed operating your property. 

You always buy subject to other possible liens that only a proper title search would reveal. 

You do not find good help you create it through proper management.

Learn how to properly evaluate a property so that you can determine that.

An interesting situation came up where one potential buyer proposed an Equity swap to be used as a down payment, where I would take ownership of their property in Waukesha, and then I would seller finance to the buyer the remainder of the balance owed on my sold properties. 

If you had one this would be properly handled by him.You draw the line in the sand, which it sounds like you have also not yet done, based on your comment that the sellers agent is going to "try" and get rid of the tenant.You tell them that if they are not out you will request a extension and be holding the seller responsible for all of your costs and compensation for your inconvenience.

Their equity would be only whatever the outstanding balance of me funneling the profit back to them until paid off (just in case I sell the house before paying them back).