My cash on cash return goal (not counting vacancy and maintenance) is 40%. 

6.house is not in a flood zone7. comps in the area are solid8. room count based on archive mls

Luck is too large a variable to count on. 

This could work out alright, but I wouldn't count on this going smoothly every 2 years like clockwork.3.

Another consideration is that I believe this would count as reserves by your bank so overall better than just having it in a savings account somewhere.

And I can count on one hand the amount that could buy the home back.. and or stayed for more than 24 months on terms that were agreed to.. and of course in those days, and depending on the deal their new payment was less than their old and I was negative cash flow.. but I had such huge equity did not matter and I owned the asset so it was just a straight up foreclosure.. but the premise is the same with NPN.. only worse since they are in title..

Realtor pressure.FHA, married, spouse debts need to be counted?

Also, I would only count on 1/2 the days being rented.Where management costs may average around 10% on regular rentals it will be 30-40% on vacation rentals.  

I don't COUNT on this for the deals to work, and make good cash flow returns on my property (and LOTS of appreciation so far).

Once everything is returned only then would you split. we would  be purchasing each one for approx $140k +$20k in renov, so each SFR  unit @ $160k (not counting closing costs here).