If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted".

The more you have saved, the more options you'll have.The road won't be easy, but it will be rewarding in the long term.

These homes tend to individually appreciate over time and are actually not bad places to live.The places with the lot rent you have to decide if you want to be in the mobile home business and buy the park.

There are always some self-righteous individuals who try to appear as very professional figures in this community. 

If a cash out refinance, many lenders will allow the cash out to satisfy the reserves requirement.DSCR lenders generally let you vest either individually or as an LLC.

Your 1031 will ultimately be only as good as the individuals directly assigned to your exchange.  

While I agree the rent by the room strategy can be great if you know how to manage it well, from a lending perspective, a lot of 30 year DSCR note buyers won't allow properties with individual room leases, so it could make refinancing more challenging. 

I agree with @Connor Hibbs's comment on terms for first time flippers and if this is something you want to start doing more frequently I'd look for lenders that offer some type of rewards program to gain better terms through doing repeat business.

Most reverse exchanges are done with cash from the client or a private loan of some sort from an individual or a portfolio bank.When your old property sells you will have that cash in your account to purchase the new property. 

Like many things, on the other side of sacrifice, discomfort, and hard work is a large financial reward.